Commenting, Robert Sinclair, director of AMI, said: "Any steps to help first-time buyers are to be welcomed in an effort to kick start the housing and mortgage markets, which have suffered in recent years. However, this move will only aid a small number of buyers and the Government should be wary of helping to shift new build properties that have been hard to sell.
"The problem we face is lenders saying that funding is available and intermediaries struggling to get customers through the more stringent lending criteria being applied. The Budget is a missed opportunity to ensure more lending from both state lenders and those lenders who may benefit from this new Firstbuy scheme.
"The change that would have given a boost to the entire housing market would be a commitment to address the inequity of the overall stamp duty system.
"Given the current difficulties faced by consumers the Government is right to extend the temporary changes to the Support for Mortgage Interest scheme."
