The Government recognise that the housing market faces significant challenges.
In my interview with The Sunday Times I did not state that “there has been an upturn in the property market”. I was asked about the state of the housing market. In my reply, I mentioned that a number of recent surveys and professional groups have reported that buyer inquiries are rising, including the Royal Institution of Chartered Surveyors (RICS). However, mortgage availability remains a key barrier.
To help people who are struggling to get onto the housing ladder we introduced the HomeBuy Direct scheme which is designed to help up to 18,000 first time buyers through shared equity. Measures announced by the Chancellor on 19 January are intended to support lending.