Joe Garner (pictured) called for the Help to Buy scheme to be overhauled, as aspiring homeowners struggle to realise the dream of owning their own property.
Nationwide estimates that in the last decade over a million would-be homeowners have been unable to buy a home of their own – and without Help to Buy, the number would be larger still.
Warning of a lost generation, Garner said the government-backed housing scheme should be extended past 2021, with potential amendments such as an income cap and a lowered maximum purchase price.
He also suggested lenders and regulators work together to find safe lending opportunities to get young people on to the housing ladder.
Address supply issues
Garner said more co-operation was needed between housebuilders and lenders to address supply issues.
Speaking at the Housing Market Intelligence Conference, Garner said while “the housing market is working for some people, it’s not working for everyone”.
He urged lenders to work “tirelessly with government and regulators to help meet the needs of underserved groups and to find a way to make lending on new builds as straightforward as it is on second hand properties.”
He added: “If we do not address the disenchantment of the next generation, it will be all our problem – not just theirs.”