TACKLING problems faced by first-time buyers is the biggest challenge facing the North-East's housing industry, according to the UK's largest network of independent estate agents.
In a nationwide survey of the Home Sale Network's 730-strong membership, almost three quarters revealed that the price of the typical first-time buyer home in their area had risen by approximately 50 per cent, or more, during the past three years.
Solutions suggested included having banks and building societies extend mortgage periods to 45 years for first-time buyers.
Members also agreed that Chancellor Gordon Brown could help by eliminating stamp duty for first-time buyers and said that housing corporations could increase the number of shared equity schemes available.
Michael Poole, of Teesside based Michael Poole Estate Agents, said the typical first-time buyer home had risen from approximately £50,000 to £90,000 during the past three years.
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