Just like the free market reforms of the 80’s ensured the dream of home ownership was realised for millions of people, so must we have the same ambition to give people the security and stability of owning their own home to the many.
Although any strategy must move with the times and the solutions of the past are not always the same as today.
Supporting people who work hard and play by the rules, to achieve their dreams of buying their own home is a key part of our long term plan to deliver an economy that works for everyone, not just a privileged few.
How can this be achieved?
The Government’s strategy is:
(1) Delivering 400,000 new affordable home starts by 2020. Including doubling the housing budget and are investing £8 billion to build 400,000 affordable homes, including quality homes for rent.
(2) Extending Right to Buy to housing associations tenants – ending the unfairness that allowed only council tenants to use Right to Buy. Under the reinvigorate Right to Buy councils are already providing one extra home for each additional property sold and housing associations have committed to provide an additional home for each property sold under Right to Buy on a one-for-one basis.
(3) Passing the Housing and Planning Act – making it easier to build homes and improving the private rented sector. Pay-to-stay means council tenants earning over £40,000 in London and £31,000 elsewhere will pay fair rent.
(4) Launching London Help to Buy and Help to Buy: ISAs – helping people save towards their first home. The London Help to Buy scheme allows Londoners to buy a home with just a 5 per cent deposit and a mortgage as low as 55 per cent. First-time buyers will be able to save up to £200 a month for a deposit that the government will top up by 25 per cent, up to a maximum of £3,000.
(5) A £3 billion Home Building Fund to help build more homes. We are offering direct support for those who cannot access financing in the market. £1 billion of short term loan funding will be for small builders and custom builders, delivering 25,000 homes this Parliament and £2 billion of long term funding will be for infrastructure and large sites, unlocking a pipe line of up to 200,000 homes over the longer term.
It is worth remembering that housebuilding under Labour fell to levels not seen since the 1920s. Between June 2008 and June 2009 only 75,000 new homes were started, the lowest level of housebuilding in peacetime since the 1920s.
Only the Conservatives can deliver the homes that are needed.