Housing: Young People

Ministry of Housing, Communities and Local Government written question – answered on 17th April 2019.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask the Secretary of State for Housing, Communities and Local Government, what steps his Department is taking to help young people get on the housing ladder; and if he will make a statement.

Photo of Rishi Sunak Rishi Sunak Parliamentary Under-Secretary (Housing, Communities and Local Government)

The Government is committed to building a housing market which works for everyone. We recognise that for too many people home-ownership is un-affordable. Addressing this affordability challenge requires building the homes our country needs. That is why we intend to deliver 300,000 homes per year, the largest annual increase in housing supply since the 1970s. Since 2010, over half a million households have been helped to purchase a home through government backed schemes, including Help to Buy and Right to Buy. The recent Evaluation of Help to Buy: Equity Loan from 2015 to 2017 found that 63 per cent of first-time buyers benefiting from the scheme were under 35 years old. Building on this, the 2017 Autumn Budget announced a new stamp duty land tax relief benefiting 95 per cent of first time buyers who pay it – over 18,500 have been helped so far.

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