Question to the Ministry of Housing, Communities and Local Government:

To ask His Majesty's Government what assessment they have made of increasing housing costs.

While the pricing of mortgages is a commercial decision for lenders, we recognise that many home owners have been faced with higher mortgage rates in recent years. That is why we are committed to delivering economic stability to grow the economy and keep taxes, inflation and mortgage rates as low as possible.

Higher mortgage rates, along with the general increase in the cost of living have in particular created significant challenges for first-time buyers. In 2023 there were 235,000 first-time buyers, compared to 334,000 in 2021, a fall of nearly 30%. Too many people are now locked out of homeownership. Our aim to build 1.5m homes will help tackle this. We have also committed to introducing a permanent, comprehensive mortgage guarantee scheme and to giving first-time buyers the first chance to buy homes.