Support first time property buyers by reducing the deposit they require and encouraging lenders to provide 100% mortgages. Include an option for 100% mortgages as part of the mortgage guarantee scheme introduced in the 2021 Budget (which still requires buyers to provide a 5% deposit).
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There are many UK residents who have lived in the UK for decades and want to get on the property ladder, yet are unable to do so when they also have other huge outgoings such as rent, which is a fortune for citizens on national living wage. Due to COVID there have been many redundancies and pay cuts that has given people no choice but to move money from their savings, reducing their possible mortgage deposit.