Sant reiterates promise to help home buyers

Labour leader Alfred Sant today reiterated promises to help first time property buyers made during the budget debate late last year.

He told a press conference outside the offices of the Housing Authority in Floriana that galloping house prices were one of the major problems the country faced. Over a period of 20 years, the average price of a flat had climbed from €26,600 to €133,000, he said, quoting Central Bank studies. .

In the past 10 years, house loans rose from €291 million to €1.1 billion.

Dr Sant said a Labour government would be helping first time buyers whose residence did not exceed a value of €116,500 (Lm50,000) . Grants of up to 10 percent of the value of the property would be offered, as well as interest subsidies to ensure that interest did not exceed 4 percent.. Through arrangements with the banks, there would be a moratorium of loan repayments when the breadwinner became unemployed. .

These measures, Dr Sant said, would mean savings of €15,500 (Lm6,600) for young couples.