Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to provide support to first-time buyers by the end of 2023.

The Government remains committed to making the aspiration of homeownership a reality for as many households as possible.

We operate a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. These include the Mortgage Guarantee Scheme, which is open until the end of 2023 as well as First Homes and Shared Ownership through the Affordable Homes Programme. The Government also helps first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.

We are also investing £11.5 billion to build more of the affordable, quality homes this country needs.

Over 829,000 households have been helped to purchase a home since Spring 2010 through Government-backed schemes, with the annual number of first-time buyers at a 20-year high in 2021.

We have also cut Stamp Duty Land Tax, doubling the threshold at which SDLT becomes due from £125,000 to £250,000 and expanding First-Time Buyers Relief raising the threshold at which stamp duty becomes payable from £300,000 to £425,000. The maximum property value on which First Time Buyers Relief can be claimed has also been lifted from £500,000 to £625,000. These will apply until 31 March 2025 to support the property market.