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SeLoger launched a movement that brought together 45 real estate professionals and 2 consulted extensively with the general public and real estate professionals. This system gave rise to a detailed statement of 10 priorities and 65 ideas. The first is to promote support for young buyers.
A movement to advance politics and the real estate issue in France
To advance housing policy and the real estate cause in France, SeLoger took the initiative to launch a movement, supported by OpinionWay, bringing together 45 real estate professionals and organizing large-scale consultants with the general public and real estate professionals. This system gave rise to a manifesto, centered around 10 priorities and 65 ideas.
While this statement is an outgrowth of a priori distinct views and interests, certain priorities emerged naturally. The first relates to first-time buyers and the need to bolster their support.
Access to property, a topic of concern for first-time buyers
It is clear from the consultations that the monarchy is today considered by the French as the main feature of security. Even if societal paradigms change, home ownership remains an organized life enterprise for the vast majority of them.
However, the French real estate market is seen as “closed”, favoring only people who already own property and/or those with permanent contracts. The French believe that the initial contribution to borrowing is difficult to collect, and that the 35% maximum debt ratio rule is problematic, especially among young people. In fact, 42% of first-time buyers said they were concerned about taking out a mortgage to make their project a reality, according to SeLoger Real Estate Moral’s Ethical Monitor in February 2022.
Six Suggestions to Support Young Buyers
Various consultations resulted in 6 ideas being proposed to support first time buyers.
Two ideas almost unanimously:
- Putting a state-guaranteed guarantee for young buyers for the first time
- Providing a cash advance to borrowers without contribution and without interest on the loan and repaying it after 5 years.
Very consensual idea:
- Easing the 2020 law issued by the Supreme Council for Financial Stability (35% maximum debt ratio)
Three “subversive” ideas:
- Create a pre-boom loan for young borrowers.
- Securing real estate loans for fixed-term borrowers with “between two jobs” insurance.
- Create a specific degree of state for fixed-term contracts and precarious jobs available to lending institutions.