Levelling Up, Housing and Communities – in the House of Commons on 9th January 2023.
There are currently no plans to further extend or replace Help to Buy, but all options to increase home ownership are kept under review. Our other schemes, including shared ownership, the mortgage guarantee scheme and First Homes, which have been trialled in my hon. Friend’s constituency, continue to support first-time buyers.
The Help to Buy scheme has been an invaluable way of getting on the housing ladder for so many people. I was recently visited by a constituent—a young nurse—who was desperate to use the scheme but worried that it runs out in March. Will the Minister give us an update? Will we be able to keep this invaluable scheme?
We do not currently have plans to do so, but we will keep that under review. Since 2010, more than 819,000 households have been helped to purchase a home through Government-backed schemes. That includes how we cut stamp duty land tax, and extended the mortgage guarantee for a further year to maintain the availability of mortgages to buyers with only a 5% deposit.
First-time home ownership is a pipe dream for most people in my constituency, where more people rent privately than own their homes and more people rent social housing than those combined, with more than 13,000 people on a pruned-back social housing waiting list. What will the Minister and her Department do to help councils build the right housing—affordable housing—in boroughs such as Hackney so that people can get their foot into any secure housing, whether rented or owned?
The hon. Member raises a very important point about how we help people to buy homes and get on the housing ladder. We have an £11.5 billion fund to help build affordable homes. She also mentions social housing. Since 1980, through the right to buy scheme, 2 million social housing tenants now own their own home, and we continue to develop schemes to secure people’s home ownership.