London cap for new first-time buyer scheme ‘needs urgent rethink’

Housing experts are raising alarms about the current first-time buyer scheme in London, arguing that it needs a serious reassessment given the current high interest rates. They question the effectiveness of the measures in helping new buyers navigate the housing market. With the cost of borrowing money at an elevated level, the scheme's viability is under scrutiny, and critics are urging policymakers to rethink the cap to ensure it remains beneficial for aspiring homeowners. This debate is crucial as it directly impacts the housing market's accessibility for younger generations.