Commenting on the measures announced by the Chancellor in the Budget, Adrian Coles, Director-General of the Building Societies Association, said:

Stamp Duty / Shared Ownership
“While exempting some shared ownership properties from stamp duty is welcomed, the announcement will do little to help those who are unable to take advantage of the shared ownership schemes. Allowing eligible buyers to purchase only 50% of their property is welcome recognition of the challenges first time buyers face but we still expect demand to remain low, not least due to the problems associated with saving for a deposit.”

Long-Term Fixed Rate Mortgages
“The Chancellor’s interest in long-term fixed rate mortgages is to be welcomed. What is required now is to generate customer interest in them. They are a useful option but a significant change in the public’s perception of the benefits of long-term fixed rate mortgages will be necessary for these products to really take off. “