Housing: New Homes Target

Lord McFall of Alcluith Excerpts

Thursday 24th April 2025 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

I agree with the noble Lord that we have to pay attention to the demand side as well; today’s under-30s are less than half as likely to be home owners as those of the same age in 1990, so there are real affordability challenges which we are determined to tackle. In addition to increasing the supply of homes, we have committed to launching a new, permanent comprehensive mortgage guarantee scheme, meaning that first-time buyers will be able to take their crucial first step on the property ladder with only a small deposit. New details of that will be announced in due course. Alongside that, the Economic Secretary to the Treasury has written to the Financial Conduct Authority setting out the Government’s support for its proposal to review mortgage rules. The Government have made it clear that they want the FCA’s review to be as ambitious and as rapid as possible.

[The Lord Speaker (Lord McFall of Alcluith)]

My Lords, I invite the noble Lord, Lord Campbell-Savours, to participate remotely.

[Lord Campbell-Savours (Lab) [V]]

My Lords, in Nijmegen in Holland and Hammarby in Sweden, they built housing for sale in special zones on agricultural-priced land, thereby reducing housing costs—an issue I have previously raised in housing debates. Now, with a Labour Government, why cannot we similarly designate land and, to block quick resale profit-taking, introduce measures such as new forms of title, disincentives in taxation and Section 52-type planning occupancy restrictions? Can Ministers at least give new ideas a thought? Solving the housing crisis requires original thinking.