Asked by: Lord Porter of Spalding (Conservative - Life peer)
Question to the Department for Levelling Up, Housing & Communities:
To ask Her Majesty's Government what steps they are taking to support first-time buyers on low to middle incomes who are unable to afford a deposit whilst paying rent.
Answered by Lord Bourne of Aberystwyth
Government-backed schemes including Help to Buy - Equity Loan, Help to Buy ISA and Lifetime ISA have helped over 500,000 households into home-ownership since 2010. The Autumn Budget 2018 provided an additional £7.2 billion for a new Help to Buy Equity Loan scheme to run from April 2021 to March 2023, which will exclusively help first time buyers. In addition to this the Stamp Duty relief for first time buyers introduced at the Autumn Budget 2017 will help over one million households over the next 5 years.
Asked by: Jim Shannon (Democratic Unionist Party - Strangford)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Communities and Local Government, what assistance the Government is providing for housing associations in building more affordable homes for first-time buyers.
Answered by Brandon Lewis
The Government is committed to helping hard working families meet their aspirations to own their own homes and it is a priority to increase the provision of affordable housing available to first time buyers.
We have exceeded expectations over the last five years in delivering affordable homes, with more than 260,000 delivered since April 2010.
We are committed to deliver a further 275,000 new affordable homes by 2020. This is well under way with over £1bn of the 2015-18 affordable homes programme already allocated to deliver new affordable homes across the country.
Shared ownership is an integral part of this programme and helps those who may be otherwise priced out of the market to get a foot on the property ladder. Between April 2010 and March 2015 we delivered 41,000 new shared ownership homes.
Through shared ownership and the Government’s commitment to build 200,000 Starter Homes by 2020, we are on track to help thousands of families achieve the dream of home ownership for the first time.