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Will PM’s plans lead to a surge in home ownership?

17.06.2022

The Prime Minister has shared his plans to help reignite home ownership across England with several new housing policy initiatives.

Included in this is the relaunch of the Right to Buy scheme, which would give those in social housing the opportunity to buy their home from the state, as well as a review of the mortgage market to try and provide more low-deposit mortgages for first time buyers.

Johnson also announced that the government’s £30 billion Housing Support budget, currently spent on paying rent for tenants on benefits, will instead be put towards helping them secure a home loan and give them the opportunity to buy their first home.

Being referred to as the ‘benefits to bricks’ policy, it will mean that those working but also receiving housing benefit will either be able to spend this on rent or put it towards their first mortgage.

It is thought that Britain has the fifth-lowest homeownership rate in Europe and these major changes would mean millions of people in the country would finally be given a chance to own their home.

Original sources:
https://thenegotiator.co.uk/boris-housing-speech-what-did-he-say-and-how-did-industry-react/
https://www.propertyreporter.co.uk/property/pm-confirms-relaunch-of-right-to-buy-scheme.html

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