Building society reforms should help first-time buyers

More first-time buyers are expected to be helped onto the property ladder by building society reforms backed by MPs. The Building Societies Act 1986 (Amendment) Bill has moved closer to becoming law after it received an unopposed third reading in the Commons. The Government-backed Bill aims to modernise societies by expanding their lending capacity, with Labour insisting the changes would support “more working people to become homeowners”. The proposed reforms were moved after a Government consultation considered how to allow building societies to “compete on a more level playing field with banks” and to promote competition within the financial services sector. 

Daily Mail (20/04/2024)   Evening Standard (19/04/2024)   The Independent (20/04/2024)