Tory help for first time buyers to be in next manifesto
Housing secretary Michael Gove says the Conservatives must do more to help young people buy their first home.
A new offer to help first time buyers will “definitely” be a Conservative policy at next year’s expected General Election.
Housing secretary Michael Gove (main picture) told The Times his party must have a package for FTBs ready if it is to attract young voters.
Government support for long fixed-term mortgages with smaller deposits, is believed to be under consideration, as is common in the United States.
Help to Buy
A revived version of Help to Buy could also be back on the agenda as the Tories put their election manifesto together.
A new plan could even be announced by Chancellor Jeremy Hunt in the Budget in March.
Gove said: “We have been asking the question, how can we ensure that people with decent incomes who are finding it difficult because of the scale of deposit required can get on to the housing ladder?”
Oh, yes, we must. Definitely.”
When he was asked whether the Tories would go into the election pledging help for first-time buyers, he said: “Oh, yes, we must. Definitely.”
Help to Buy which gave first time buyers an interest free loan to help them meet the asking price for a property, was ditched in October last year.
But some FTBs have had to sell up and rent again, five years into the scheme as the interest-free period ended.
Stamp duty scrapped
Changes to Stamp Duty are also being looked at, with the possibility of scrapping it completely even being considered.
The number of mortgages obtained by first time buyers is down nearly a quarter this year to the lowest level since 2013, according to UK Finance.
Labour has promised a ‘new deal for first-time buyers’ including no stamp duty on the first home, a guarantee of ‘first dibs’ on new homes built in the area, and 100,000 discount ‘first buy homes’.
Help to Buy might not be revived reveals housing minister
