Prime Minister Boris Johnson is expected to unveil a flagship policy today to help more people onto the property ladder.
It is reported to include extending Right to Buy to social housing tenants and changing regulations so that people can use money they receive from housing benefit to get mortgages and make monthly payments.
Johnson is also expected to announce a review of the mortgage market to see if there are ways to reduce the deposit a borrower needs when applying for a home loan.
A statement from Downing Street this morning said the Prime Minister will use a speech in Lancashire today to confirm his ambition to "unlock the opportunity of home ownership for more people through helping those in a position to buy, to access the mortgage finance they need, ensuring people are incentivised to save for a deposit no matter their financial situation, and improving the supply of housing across the country."
Currently, too many people are spending huge sums of money in the private rental market when that money could be better spent on investing in their futures, in the form of mortgage payments on their own home, the statement said.
In a speech, the Prime Minister will say: "We have the tools we need to get on top of rising prices.
"The global headwinds are strong. But our engines are stronger.
"And, while it’s not going to be quick or easy, you can be confident that things will get better, that we will emerge from this a strong country with a healthy economy."
It comes just days after Johnson survived a no-confidence vote.
The vote was held on Monday and Johnson narrowly avoided an ousting, with 211 voting for him and 148 against.
He had spent the day shoring up support among MPs in private meetings, with some reports suggesting that a housing-related announcement is on the cards.
He is reported to have told MPs: “If I am here later this week - and I very much hope that I will be - (Housing Secretary) Michael Gove and I will be setting out plans to kindle that dream of home ownership in the hearts of millions who currently believe it is beyond their means.”
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Please tell me how this leaves the 100's of thousands of people who are not on benefit but can't afford to save. This is purely to gain votes in a demographic of non Tory voters, Stinks of Brexit scam
Id assume the money from the TRTB will be used to build more affordable homes.that said if they can't get the planning system sorted its an issue brewing
lets see the detail first
How long before some government lemming suggests this should move into Private rentals where landlords are forced to sell at discounted rate depending on how long a tenant has rented?….. time to sell in next couple of years I think.
Everyone has a right to a roof over their heads. Not everyone has a right to buy but has the right to aspire to it. Build more social housing for rent only now and you'll relieve pressure off the lower end of the free market and enable people to live in relative comfort happily until they have enough money saved to buy their first home as used happen and release that rented home for someone else. We need to see an end to the worst homelessness in this country since the Victorian era.
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