Home Ownership: First-Time Buyers

Lord Best Excerpts

Thursday 23rd April 2026 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

Social and affordable housing sit side by side. We have confirmed a new 10-year £39 billion social and affordable homes programme to kick-start social and affordable housebuilding at scale across the country. Our ambition is to deliver around 300,000 homes over the programme’s lifetime. At least 60% of the homes delivered will be for social rent, with the remainder available for other tenures, including shared ownership, affordable rent and intermediate rent in London. This programme is active now. The councils and housing associations are bidding into that programme, as are other bidders, and I hope we will be able to deliver at pace very quickly.

[Lord Best (CB)]

My Lords, will the Minister agree that it is the longer-term effect of having fewer first-time buyers that really counts? When you retire as a tenant, you have not paid off a mortgage, you have not got a capital asset and you see your rent rising every year but your income falling. It catches up with you on retirement. In that longer-term perspective, I ask the Minister: what has happened to the Government’s long-term national housing strategy, which she promised me on 11 February would be out by 31 March? Is this on the way, and will it include a good chunk on how to bolster the number of first-time buyers, which is so important?

[Baroness Taylor of Stevenage (Lab)]

The noble Lord is quite right to say that, where people are not able to buy their own homes, this can lead to problems later on where people on fixed incomes later in life are on rapidly increasing rent. So it is very important that we try to encourage as many young people as possible who are able to buy property to carry on doing so. On his point about the long-term housing strategy, it is on its way. We said we would publish in the spring, and spring is not quite over yet. I hope we will be able to deliver it very soon.