Yorkshire Building Society has outlined five suggestions to the government to help first-time buyers, savers and the mutual sector.
The “Opportunities for Government” include helping first-time buyers by building new, green homes, upping the personal savings allowance, financial education for all primary school children in England, building a pipeline of high-quality skilled jobs outside London and helping mutuals and co-operatives grow.
The lender said that these have been communicated to MPs, and they are being shared in its regular meetings and events with politicians.
On the first-time buyer front, Yorkshire Building Society said that the UK housing market is “broken” and the supply of homes for purchase and rent is not meeting the population’s need.
The lender urged the government to “introduce policies that provide a place to call home: support the provision of new, sustainable homes, help people to make their homes sustainable and help first-time buyers onto the housing ladder”.
Yorkshire Building Society said that personal savings allowance limits were “no longer protecting ordinary savers’ interests”, and this has not been reviewed since 2016. It called on this to be increased from £1,000 to £5,000.
The mutual also urged financial education to be offered at primary school so children have good financial management skills and develop healthy financial habits.
The firm also urged the government to work with the financial and professional services sector, regional combined authorities and education organisations to “collectively address the skills challenges the sector faces”.
Govt ‘must build a level playing field for mutual organisations’
Yorkshire Building Society added that the government must support a “thriving mutual and co-operative sector” and “must build a level playing field for mutual organisations” and create a role for a minister for the mutual sector.
Susan Allen (pictured), chief executive of Yorkshire Building Society, said: “Our customers continue to face challenges such as the affordability of housing, higher mortgage rates and cost-of-living pressures.
“As a mutual, we are owned by our members and are committed to supporting them and helping them achieve important life goals.
“Supporting homeownership is at the heart of who we are as a building society. I welcome the government’s commitment to housebuilding, but they must ensure the homes of the future are sustainable and help first-time buyers onto the housing ladder.
“Our research shows that, if the government makes improvements in the areas we’ve highlighted, it will make a real difference to people’s lives. Building a habit of saving regularly and owning a home can significantly improve people’s financial and mental wellbeing .”
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.
