'little point in coming to the aid of first-time buyers' in labour FTB proposal without sufficient choice of properties

The Labour Party has announced its ‘Freedom to Buy’ scheme, aimed at allowing people who struggle to save for a mortgage deposit to get onto the housing ladder.

As part of its pledge to help first-time buyers, labour has pledged to extend the current mortgage scheme, launched by the Conservatives, whereby 95% LTV mortgage products have been made more available.

The plan is currently in action until 30th June 2025.

The Labour party has said that it will be continuing this policy and turning it into a permanent mortgage guarantee scheme, saying it will help support 80,000 young people to get onto the housing ladder over the next five years, alongside planning reforms and other policies.

Jeremy Leaf, estate agent and a former RICS residential chairman, commented on the proposal: "This announcement is potentially good news, not just in terms of helping first-time buyers, which is always welcome to hear.

“But for us just as important is the ambition to increase housing supply and ease the planning system.

"Sadly, we have heard similar announcements from both main political parties in the past where the end result doesn't match the rhetoric.

“In our view, there is little point in coming to the aid of first-time buyers unless there is sufficient choice of properties for them — otherwise, the outcome will simply be further house price inflation, which will make it even more difficult for young people coming along in future years.

"Certainly, we would like to see more detail but we are also pleased that housing has finally seemed to be making an appearance in the election debate and not before time.

“There are many difficult decisions which need to be taken to improve the balance between supply and demand and particularly of affordable housing, including more balance in the system."


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