Boris Johnson has promised a review of the mortgage market and housing benefit rules to help more people to get on the property ladder.
The pledges came in a speech by the Prime Minister in Blackpool to outline support for people and businesses to navigate the cost of living crisis and boost economic growth.
In a speech heavy on promises for support on business and household costs but light on actual policy, Johnson outlined help with the highest “cost of household expenditure” – housing.
Proposals include a “comprehensive review” of the mortgage market, reporting back this autumn, to give people better access to low deposit home loans and assess what the industry can learn from counterparts around the world.
He also hinted at long-awaited help for existing leaseholders to buy their freeholds at a large discount and confirmed rumours that Right to Buy would be extended to housing association tenants - with one home built for each that is purchased.
Johnson said the government will also look at how it can securitise the multi-billion pound housing benefits bill to build more social housing.
He said house prices have soared by 9.8% this year and are rising faster than wages, warning: “If you are one of the millions of people outside the housing market, the dream of home ownership recedes further into the distance every month.”
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.