Yorkshire Building Society has outlined six policy recommendations for the government to include in its Budget, including support for first-time buyers and savers.
The mutual has said that the government’s Budget should prioritise the housing market, allow more homes to be built, help people make their homes more sustainable and support first-time buyers.
Yorkshire Building Society said the UK housing market is “broken” and the supply of homes both to purchase and rent is “not meeting the diverse and evolving needs of today’s population”.
The policy recommendations include:
- A new Help to Buy scheme covering all types of property, to help first-time buyers.
- A new individual savings account (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, 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.”
Yorkshire Building Society recently outlined five suggestions to the government to help first-time buyers, savers and the mutual sector.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
