Yorkshire Building Society has urged Chancellor Rachel Reeves to help first-time buyers and review tax and regulation for landlords amid a raft of measures ahead of next month’s Budget.
The mutual has submitted a range of measures the Chancellor should take up in Labour’s first Budget in 14 years on 30 October.
It says: “The UK housing market is broken, with the supply of homes both to purchase and rent not meeting the diverse and evolving needs of today’s population.”
The lender’s recommendations, which cover the housing and the savings market, include:
- A new help-to-buy scheme, covering all types of property, to help FTBs
- A new ISA to help those saving towards a house deposit
- A review of regulation and taxation in the private rented sector, to address the shortage of quality private rented accommodation
- An easier energy-saving framework for homeowners
- Lift the personal savings allowance from £1,000 to £5,000
- Encourage growth in the mutual sector
Yorkshire Building Society interim chief commercial officer Tom Simpson says: “We want to use our voice to stand up for our customers as they continue to face challenges such as the availability and affordability of quality homes along with the cost-of-living pressures.
“We want to see comprehensive reform of the housing market, to ensure its long-term viability for buyers, renters and landlords. It needs to work for all, or it doesn’t work.”