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.

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“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.