Home Ownership: First-time Buyers

Lord Londesborough Excerpts

Monday 22nd June 2026 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

I thank my noble friend for her recognition of the huge amount of funding—£39 billion, which is the biggest in a generation—allocated by the Government for social and affordable homes to be built. At least 60% of those homes will be for social rent. On 28 January, we published the update to our five-step plan to deliver a decade of renewal. We have had a significant number of bids for the first round of that funding, which will give councils and social housing providers the certainty they need, with the rent convergence procedure we have also introduced. Bids closed on 15 April and we look forward to those houses being built.

[Lord Londesborough (CB)]

My Lords, the fact that the average age of first-time home buyers has shot up from 26 to 34 is not just bad news for mobility and well-being but very bad news for economic growth. Does the Minister agree that it is time to replace stamp duty with a less crude and transactional tax?

[Baroness Taylor of Stevenage (Lab)]

I have already set out the relief on stamp duty that is available for first-time buyers, but I agree with the noble Lord that it is important that we try to encourage more young people to purchase their first home, where they can afford to do so. The Building Societies Association is running a fantastic campaign called “Think again!” which explains to young people how they can do that. Financial institutions are making sure that young people understand that the mortgage rules have been changed. I urge anyone who thinks they may be able to afford it to go and see a mortgage broker. Lenders have changed, for example, how they deal with intermittent employment and so on, so it is much easier to get a mortgage, and people should understand that they can use a record of rent payment as a guarantee for their mortgage.