Housing Market First-time Buyers 2021-04-19
2021-04-19
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The MP noted recent trends in first-time buyer activity and asked for an assessment of these trends, especially considering the impact of COVID-19.
What recent assessment has been made of trends in the number of first-time buyers entering the housing market?
In 2018 and 2019 we saw the highest and second-highest number of first-time buyers since 2007. With the effect of covid, 2020 saw a 14% decrease from the 2019 total. The Government are now redoubling their efforts to assist first-time buyers through schemes such as Help to Buy, shared ownership, and mortgage guarantee offering a 95% loan-to-value mortgage.
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Assessment & feedback
The Minister did not provide specific numbers on how many first-time buyers are affected by leasehold property issues or why purchasers are left with the risk.
Response accuracy
Q2
Partial Answer
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Context
The MP highlighted issues first-time buyers face with new-build and leasehold properties, mentioning the need for developers to address defects within the first 10 years.
How many first-time buyers are affected by leasehold property issues, and why is the purchaser still left carrying the risk?
First-time buyers can use schemes such as Help to Buy, shared ownership with defects fixed for the first 10 years under new proposals, and the mortgage guarantee scheme allowing purchases with a 5% deposit.
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Assessment & feedback
The Minister did not provide specific numbers on how many first-time buyers are affected by leasehold property issues or why purchasers are left carrying the risk.
Response accuracy
Q3
Partial Answer
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Context
The MP questioned the justification for allowing new buildings with dangerous cladding and demanded measures to ensure first-time buyers do not move into homes with such defects.
What is the justification for allowing new buildings with dangerous cladding, and what will be done to ensure no first-time buyer moves into a home with such issues?
The Government is determined to support buyers, ensure more people get on the property ladder, and build better-quality homes through a world-class building safety programme.
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Assessment & feedback
The Minister did not provide justification for allowing dangerous cladding or specific measures to prevent first-time buyers from moving into homes with fire safety defects.
We Are Determined
We Have A Lot Of Policies
Response accuracy