Question to the HM Treasury:

To ask His Majesty's Government what plans they have to mitigate the impact of increased interest rates on the residential property market.

The Government is addressing the impact of increased interest rates on the residential property market listening to the needs of all stakeholders in the market, including first-time buyers, homeowners, and housebuilders.

The Prime Minister has been clear, the best and most important way that we can keep costs and interests down for people is to halve inflation, and then return it to the 2% target.

For example, the government is supporting homeowners to manage with increased interest rates. In June, lenders representing over 90% of the market agreed to our new Mortgage Charter, which includes new flexibilities to help customers manage their mortgage payments over a short period. This charter builds on existing safeguards for consumers in the mortgage market.

The government also continues to provide extensive support to first-time buyers, including through the £11.5 billion 2021-26 Affordable Homes Programme and our new First Homes Scheme which offers discounts of at least 30% to first-time buyers.