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Sir Kier Starmer has used his speech at the Labour Party conference in Liverpool to set out plans of getting home ownership up to 70%.
This will include priority for people getting on the housing ladder for the first time, and mortgage guarantees.
Starmer referred to his own personal story, saying home ownership had been increasing for most of his life and his family's pebbledash home had meant everything to them.
But he said home ownership had started to stall, it's currently at 65% in England, and Labour has plans to increase this to 70%.
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But no idea on how he is going to get there?
Setting goals!!! PMSL.
At the expense of whom????
Doesn't want private landlords either if he was in Government.
Simples - give private tenants the right to require their landlord to sell them the property they are renting at a discount. Great way to redistribute wealth without encouraging enterprise.
Not very Socialist is it?
It doesn't matter what he says, it will mean nothing to anyone unless the country starts to up the rate of building houses and flats!
As the population continues to expand so that target of building needs to grow at least at the same rate but consecutive governments over many many years have made promises to build but have failed each time, normally by a huge margin!
The gap in the market is more for houses to rent in the social sector than houses to buy; there must be many thousands of people housed in the PRS who would be better suited to social housing? Build social housing, release PRS properties and let the owners decide whether they sell to first time buyers or continue to rent.
Starmer specifically references Mortgage Guarantees which existed when I bought my first home in 1971 and enabled me as a first-time buyer to borrower 95% of the property value by taking out a mortgage guarantee policy on payment of a one-off premium to secure the amount borrowed above the first 80% of value. This fixed the lenders risk at no more than 80% in the event of me defaulting and the property being sold for less than 95% of its value on purchase. These policies were very common at the time but when the double miras relief was abolished in 1987 with 6 months' notice this precipitated an unparalleled boom in house prices followed by a big bust. The insurance companies took a bit of a haircut and the scheme fell into disuse. It was however an essential vehicle at the time to enable large loan to value mortgages to be made available with minimal risk.le
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