Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, what steps he is taking with Cabinet colleagues to improve the (a) affordability and (b) availability of housing for first-time buyers.

We have introduced a number of interventions that aim to increase the supply of low-deposit mortgages for credit-worthy households, increase the availability of new housing, and stimulate economic growth. These include First Homes, the Mortgage Guarantee Scheme, Shared Ownership and Right to Buy. We have also reduced stamp duty and raised the thresholds for First-Time Buyers’ Relief. We also run the Lifetime ISA scheme to help young first time buyers save for their first home.

We have helped over 873,000 households to purchase a home through home ownership schemes including Help to Buy, Right to Buy and Shared Ownership since 2010, and first-time buyer numbers have been steadily improving over the last decade, with 2021 seeing the highest number for 20 years. Nonetheless, we recognise that the current economic climate remains challenging for first-time buyers. I and my Cabinet colleagues have ongoing discussions on these issues, and we keep all options under consideration.