Commons Sense

House of Commons · Ministers' Questions

First-time Buyers: Mortgages

Tuesday 11 October 2022 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 1 Not answered 0

Key points

  • Minister stated the government will increase the level at which first-time buyers start paying stamp duty.
  • The Secretary of State for Levelling Up, Housing and Communities will make a statement in the coming weeks.
  • Minister offered to write to the hon. Lady regarding the government's intervention to protect households from energy bills.

Topics (select to filter)

Questions & Answers

Q1 Anthony Mangnall
Economy Housing
Context

The reduction in stamp duty announced in the growth plan 2022 has raised concerns about mortgage product availability for first-time buyers.

Question

If he will take steps to help ensure mortgage products are available for first-time buyers in the context of the reduction in stamp duty announced in the growth plan 2022.

Answer from Andrew Griffith

This Government will back first-time buyers by increasing the level at which they start paying stamp duty. A young couple can now purchase a property for up to £425,000 without paying tax.

Partly answered

Not addressed: The specific ask about mortgage product availability was not addressed directly.

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Q2 Anthony Mangnall
Housing
Context

Following the growth plan, concerns remain about helping people and areas to build houses for those in need.

Question

A core tenet of our belief is to help everyone on to the housing ladder, so what assessment has the Minister made since the growth plan about helping people and areas to build houses for those who need and want them?

Answer from Andrew Griffith

My right hon. Friend the Secretary of State for Levelling Up, Housing and Communities will make a statement to the House in the coming weeks.

Not addressed: The specific ask about an assessment was not addressed directly; instead, the answerer deferred to a future announcement.

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Q3 Florence Eshalomi Labour (Co-op) Vauxhall and Camberwell Green
Economy Housing
Context

A constituent expressed frustration about the perceived prioritization of wealth over affordability, questioning how someone earning £30k can afford a home in London.

Question

A constituent wrote to me and said, “What world do the Tories live in? I guess one where you protect the rich and wealthy. The suggestion that the Treasury thinks that a person on £30k a year can buy a home in London is frankly laughable and salt in the wound.” How does the Minister expect my constituents in Vauxhall who are already struggling to pay their rent to save to buy a new home on a salary of £30k?

Answer from Andrew Griffith

I will be very happy to write to the hon. Lady and to talk to her constituents about the unprecedented intervention that we have made to protect them this winter from their energy bills, putting valuable certainty and confidence not just into every household, but into every business and the economy. That is why the International Monetary Fund has today increased its growth forecast for the United Kingdom.

Not addressed: The specific ask about affordability was completely ignored in favour of discussing economic interventions.

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