Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what assessment he has made of the potential barriers to home ownership for first-time buyers.

This government recognises that the affordability challenges facing prospective first-time buyers mean that too many people are now locked out of homeownership.

In addition to increasing the supply of homes of all tenures, the government is supporting people into home ownership, including through the shared ownership scheme and the Lifetime ISA, and is consulting on a new first-time buyer ISA product.

First time buyers also benefit from paying no Stamp Duty Land Tax (SDLT) up to £300,000 and are able to claim relief on purchases up to £500,000. The government has also introduced a new, permanent Mortgage Guarantee Scheme, available to support and sustain availability of low deposit mortgage products for prospective buyers.

Additionally, the Bank of England has been easing the loan-to-income limit, enabling up to 36,000 additional first-time buyers in the first year. The Financial Conduct Authority’s (FCA) ongoing review of the mortgage market means many buyers can now borrow 10% more towards a property purchase, and in June the FCA published further proposals intended to support first-time buyers. First-time buyers may also benefit from home ownership initiatives offered at the local level.