Yorkshire Building Society has submitted policy recommendations to the government, stressing the importance of helping first-time buyers and savers.
HM Treasury invited representations for the Autumn Budget, which the Chancellor will deliver on October 30.
In its submission, Yorkshire Building Society has 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 mutual adds: “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.”
As well as housing, the Society proposed policies aimed at improving financial wellbeing and boosting skilled jobs outside London.
Its recommendations included:
- 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;
- A review of regulation and taxation in the private rented sector, to address the shortage of quality private rented accommodation, which is critical to a healthy housing market;
- A framework to make it easier for homeowners to improve their homes with energy-saving measures;
- An increase in the Personal Savings Allowance from £1,000 to £5,000;
- Encouraging growth in the mutual sector
Tom Simpson, interim chief commercial officer at Yorkshire Building Society, comments: “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.”
The Budget submission builds on the mutual’s ongoing work with politicians. I
t 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.
Many of the society’s recommendations are based on findings from its regular research. For example, last year the mutual found people are 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.
