HIGHER EDUCATION BILL AND FIRST-TIME HOME BUYERS

Early day motion 438, tabled 15 January 2004 by Austin Mitchell (Labour). Signed by 30 members.

That this House expresses concern that the Government's proposals for higher education funding will have a negative impact on first-time homebuyers in the UK; observes that a recent survey by the National Association of Estate Agents notes that the number of first-time buyers is already at a record low at 13 per cent. of total sales; emphasises that, with a projected average repayment period of 13 years for debts of up to ú33,000 by 2010, the Government's fees proposal must exacerbate this problem and diminish the funds which graduates would otherwise have been able to put towards a deposit; notes that apart from the equity considerations arising from this additional financial burden, the shortage of first-time buyers is already threatening to log-jam other sales further up the value chain; and therefore urges the Government to reconsider its higher education funding proposals.

Signatures by party: Labour 13, Liberal Democrat 8, Plaid Cymru 3, DUP 2, Labour/Co-operative 2, Conservative 1, UUP 1.