Asked by: Dan Norris (Independent - North East Somerset and Hanham)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, what steps her Department is taking to help support first time buyers in North East Somerset and Hanham constituency.
Answered by Matthew Pennycook - Minister of State (Housing, Communities and Local Government)
The affordability challenges facing prospective first-time buyers mean that too many people are now locked out of homeownership. This government is determined to change that, ensuring that young families and hardworking renters can buy a home of their own.
Boosting the supply of homes of all tenures must be at the heart of any strategy to improve housing affordability which is why the government’s Plan for Change includes a hugely ambitious milestone of building 1.5 million safe and decent homes in England in this Parliament.
In addition to increasing the supply of homes of all tenures, in July, the government will launch a new, permanent Mortgage Guarantee Scheme which will help to support and sustain availability of low deposit mortgage products, helping prospective buyers with a deposit as small as 5% to own a home.