Levelling up plans target 50% more FTBs

ended 02. February 2022

One of the Government's 12 missions in its levelling up strategy is this: “By 2030, renters will have a secure path to ownership with the number of first-time buyers increasing in all areas; and the government’s ambition is for the number of non-decent rented homes to have fallen by 50%, with the biggest improvements in the lowest performing areas.”

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3 responses from the Newspage community

"The Government loves a good 'scheme' to help first time buyers; help to buy ISAs, help to buy equity loans, first homes scheme, the mortgage guarantee scheme. When are they going to learn that all that needs to be done is build more houses? A lot more. If they want to make things easier then increase the supply, it's simple economics."
"The fastest and simplest way to help first time buyers and provide a path to home ownership for renters, is to make property cheaper to buy. In my opinion, much like the Bank of England has a 2% inflation rate target, we need a stated government aim of bringing house prices down to four times average earnings. Currently it's around eight, inflated by years of ultra cheap credit and last year's stamp duty holiday. It's a bubble waiting to burst. More affordable housing is achievable over time through a massive ramp-up in house building, punitive taxes on property speculation and a monetary policy to maintain house prices at current levels but no higher. That way, current homeowners won't go into negative equity."
"As ever there are noble intentions with policy, however the devil will be in the detail. How do you raise first-time buyer numbers without advantaging the ones already ahead of the target market and pushing the prospect further away from them? Getting builders to activate their landbanks should be a priority, with more starter homes rather than another estate of 3-bed semis to get us to the targeted number of new homes, which should be of higher quality and energy efficiency. This aim is tied into others in this program, better education delivers candidates for the skilled jobs created in areas needing growth that in turn will drive the appetite for this. Can this all be done in just 8 years?"