First Time Buyers

Department for Levelling Up, Housing and Communities written question – answered at on 30 November 2023.

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Photo of Andrew Percy Andrew Percy Chair, High Speed Rail (Crewe - Manchester) Bill Select Committee (Commons), Chair, High Speed Rail (Crewe - Manchester) Bill Select Committee (Commons)

To ask the Secretary of State for Levelling Up, Housing and Communities, what steps his Department is taking to help first-time home buyers with their deposits.

Photo of Andrew Percy Andrew Percy Chair, High Speed Rail (Crewe - Manchester) Bill Select Committee (Commons), Chair, High Speed Rail (Crewe - Manchester) Bill Select Committee (Commons)

To ask the Secretary of State for Levelling Up, Housing and Communities, what steps his Department is taking to help home buyers purchase properties in areas of above average house price growth.

Photo of Lee Rowley Lee Rowley Minister of State (Minister for Housing)

This Government is committed to making homeownership a reality for as many households as possible.

We operate a range of schemes to support first-time buyers in purchasing properties, including First Homes, Shared Ownership, Right to Buy and the Mortgage Guarantee Scheme. Over 860,000 households have been helped to purchase a home since spring 2010 through Government-backed schemes. The Government also helps first-time buyers to save for a deposit through the Lifetime ISA.

We have also increased the level at which first-time buyers start paying Stamp Duty from £300,000 to £425,000. First-time buyers will be able to access the relief on property purchases up to £625,000, compared to £500,000 previously. This will apply until end March 2025.

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