Commons Sense

House of Commons · Ministers' Questions

First-time Buyers

Monday 16 October 2023 · 2 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 2 Not answered 0

Key points

  • Government have a range of schemes available to first-time buyers, including First Homes and shared ownership.
  • Mortgage guarantee scheme helps to increase the supply of 95% loan-to-value mortgages.
  • Threshold at which stamp duty land tax becomes due has been doubled to 250,000.

Topics (select to filter)

Questions & Answers

Q1 Chi Onwurah Lab Newcastle upon Tyne Central and West
Housing
Context

The question addresses the challenges faced by first-time homebuyers in the UK, particularly in relation to high housing prices and limited supply.

Question

What steps he is taking to support first-time buyers. The Government have a range of schemes available to first-time buyers, including First Homes and shared ownership. These initiatives aim to help individuals purchase homes despite rising prices and limited availability.

Answer from Rachel Maclean

The Government have a range of schemes available to first-time buyers, including First Homes and shared ownership. The mortgage guarantee scheme helps to increase the supply of 95% loan-to-value mortgages. We have also doubled the threshold at which stamp duty land tax becomes due to £250,000, and expanded first-time buyer relief.

Partly answered

Not addressed: The specific challenges faced by individuals saving for a deposit were not addressed directly.

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Q2 Chi Onwurah Lab Newcastle upon Tyne Central and West
Housing
Context

In the constituency of Newcastle, a couple recounted how their daughter and her fiancé struggled to purchase a home despite saving for a deposit. This prompted the questioner to ask about the government's ambitions in building houses.

Question

Labour has set out plans to get Britain building again. Will the Minister match our ambition, or is living with the in-laws the new Tory dream? The failure of the Government's housing policies meant that many young couples had to live with their parents for years while trying to save enough for a deposit.

Answer from Rachel Maclean

I have news for her: from what I picked up from the Labour party conference, it announced the same targets that we are getting on with. More than 860,000 households have been helped to purchase a home since spring 2010 through Government-backed schemes including Help to Buy, Right to Buy and First Homes.

Partly answered

Not addressed: The specifics of Labour's plans were not directly compared or matched by the Minister.

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