Boris Johnson promises more help for first-time buyers and renters in major mortgage market review

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Boris Johnson has promised more help for first-time buyers and renters in a major mortgage review.

Prime Minister wants to make it easier go to accommodation As a ladder he aimed at “an ever-increasing target” in the market.

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Boris Johnson promises more help for first time buyers and renterscredits: PA
they hit a "constantly moving target" in the housing market

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He aimed to “an ever-increasing target” in the housing market.credit: getty

and he said that the government would work with lenders Identifying tenants with a track record of paying bills on time.

The review, set to report back in the autumn, will also consider providing better access to low-deposit mortgage and ways to improve the market.

Mr Johnson said: “The challenge is facing first time buyer What we have seen today is bigger than what we have seen before.

“We have a strange situation in which a lot of young people can afford to make monthly payments.

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“They’re earning enough cover the astronomical rent billBut the ever-increasing price of a house or flat has increased the deposit requirements so much that it is completely unrealistic for them to save just ten per cent.”

He wants to make it easier for local first-time buyers to convert unused farm buildings into new homes.

the prime minister Resolve to convert Generation Rent to Generation Buy in 2020,

Home prices have risen over the past two decades. A house costs an average of nine times your income today, compared to just four and a half times in 2002.

And a A quarter of current renters think they will be in their fifties before buying a homeGot a report yesterday.

Mr Johnson announced today Right-to-buy scheme to use housing benefit payment as mortgage for the first time.

right-to-buy plans The first will be expanded pioneered by Maggie Thatcher so that housing association tenants can buy their homes.

And mortgage deposits can be reduced across the board to keep the home ownership dream more within reach.

The PM outlines his battle plan to fix the housing crisis that has made it impossible for low-income renters to build their own homes.

It is also a clear sign to Tory rebels that the government is “getting ahead with the job” after Monday’s trust vote.

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Conservative heroine Margaret Thatcher’s ambitious plan to echo the housing revolution will also help woo staggered backbenchers.

And promising that the nation would face the storm’s cost of living, he promised: “We will get through this, just as we got through the greater challenge of COVID.”

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