Figures out over the weekend showing the number of first-time buyers getting onto the housing ladder is at its highest level since 2007 and the financial crash is very welcome news.
It’s a Conservative mission to ensure those who work hard and save can afford to get the keys to a place of their own. We know over the last decade this has got harder and harder as house prices have soared. It’s why last year the Prime Minister made it her personal mission to build the homes the country needs and help aspiring first-time buyers get that first step onto the housing ladder.
It’s been a top priority for this government.
Our Help to Buy scheme has helped over 300,000 first time buyers get the deposit they need to buy a home of their own.
And in last year’s Autumn Budget we went further, with the Chancellor abolishing stamp duty altogether for 80% of first-time buyers. This was great news for so many young aspiring homeowners and the initiative has already benefited thousands. Over 16,000 first-time buyers have already saved thousands of pounds since the changes took effect in November.
“We know over the last decade this has got harder and harder as house prices have soared. It’s why last year the Prime Minister made it her personal mission to build the homes the country needs”
But as well as helping first time buyers with the cost of buying their first home, we must also build more homes, and make sure they are good quality homes in the right places. That’s why we’re committing £44billion to help deliver on average 300,000 additional homes by the mid-2020s - the biggest annual increase in housing supply since 1970.
The housing market cannot be changed overnight but we’re determined to keep taking the action needed to build more good quality homes and to make sure young people have the same opportunities as their parents’ generation to own their own home.
Because a fundamental Conservative belief is that if you work hard, you should be able to get on if life, so we will not falter in our determination to once again make home ownership an obtainable reality. While there is still much more to do, more first time buyers getting that first place of their own is a welcome step in the right direction.
Brandon Lewis is the Conservative Party chairman and MP for Great Yarmouth