Sir Keir Starmer and Angela Rayner call Labour the “party of homeownership” as they pledge to sustain and expand the Conservatives’ mortgage guarantee scheme permanently, rebranding it ‘Freedom to Buy’.
The party says the plan could help 80,000 more young people onto the housing ladder over the next five years. It would make the current mortgage guarantee scheme permanent, which helped first-time buyers get a mortgage with low deposits, which was due to expire in June 2025.
This follows the ONS census, which suggests that young adults are living with their parents. This could be down to the cost of living, the increasing costs of renting, or the high mortgage rates that make it impossible for some to even consider their first home. There is one other consideration: Young adults like living at home with their parents; there's nothing wrong with that. However, this could boost the housing market, turning it into a potential seller's market.
First-time Buyers
Starmer claims the party will be on the builders' side to get Britain building again. He believes the Labour Party aims to help build 1.5 million more homes over the next parliament.
If Labour win the next election, let's hope they deliver on their pledge.
Property Industry Eye. (2024, June 6). Labour unveils new housing policy with 'Freedom to Buy' Scheme https://propertyindustryeye.com/eye-newsflash-labour-unveils-new-housing-policy-with-freedom-to-buy-scheme/
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