Nationwide has welcomed the Labour Partys pledge to help first time buyers, however the building society believes that there is more that can be done. Nationwide has called on lenders to withdraw the Higher Lending Charge for first time buyers as this would enable many to put additional capital towards their deposit. Regarding affordability, Nationwide believes that all lenders should consider borrowers outgoings in addition to income in order to get a realistic picture of how much a buyer can afford to repay. While Nationwide believes that Stamp Duty should be reviewed, so that either the threshold is raised or struggling first time buyers are made exempt.

Nationwides executive director, Stuart Bernau, said: "It is in everybodys interest that first time buyers are able to get a foot on the housing ladder. To keep the market healthy and buoyant we need a diverse range of buyers and sellers. There are a number of ways the Government and the financial services industry could help first time buyers."