Yorkshire Building Society has submitted policy recommendations to the Government ahead of the upcoming Budget, stressing the importance of helping first-time buyers and savers.
HM Treasury invited representations for the Autumn Budget, which the Chancellor will deliver on 30th October.
In its submission, Yorkshire Building Society called on the Government to prioritise the housing market, enable more homes to be built, help people make their homes more sustainable, and support first-time buyers.
The society said: “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 Society also proposed policies aimed at improving financial wellbeing and boosting skilled jobs outside London.
The recommendations consisted of a new Help to Buy scheme covering all types of property to help first-time buyers, a new ISA to help those saving towards a house deposit, and a review of regulation and taxation in the private rented sector to address the shortage of quality private rented accommodation.
It also requested a framework to make it easier for homeowners to improve their homes with energy-saving measures along with an increase in the Personal Savings Allowance from £1,000 to £5,000, and encouraging growth in the mutual sector.
Many of the society’s recommendations were based on findings from its regular research.
For example, last year it found that people were delaying major milestones like getting married and starting a family, because they’re struggling to get on the housing ladder.
Recently it discovered that having a habit of putting away even a small amount into savings can significantly improve mental wellbeing.
Yorkshire Building Society recently shared its five ‘Opportunities for Government’ with MPs, calling for support for first-time buyers and savers, lessons on managing money for all primary schoolchildren in England and more skilled jobs outside London.
Tom Simpson, interim chief commercial officer at Yorkshire Building Society, said: “The Budget submission is an opportunity to influence Government policy in a way that will benefit our members.
“As a mutual, we are owned by our members and are committed to supporting them and helping customers achieve important life goals.
“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.”
