Steve Brine led a Westminster Hall debate on Wednesday 14th March to discuss the problems first-time buyers face getting on the property ladder.
The Winchester & Chandler's Ford MP arranged the debate (held on Wednesday 14th March) as the Minister for Housing announced two key proposals to really help first-time buyers take that first step into home ownership.
Opening the debate Mr Brine introduced the NewBuy Guarantee Scheme and praised the relaunched Right to Buy which raises the maximum discount available to £75,000. He said: "We are a nation of homeowners and for much of the twentieth century, home ownership levels indeed steadily increased. However, in recent years we have seen a striking increase in the number of people - particularly from the younger generations - opting to rent instead of buy, as property prices have shot up, deposit requirements rocketed, and the economic outlook remained uncertain yet the aspiration amongst people to one day own a property remains as strong as ever."
He added; "The main barrier to home ownership at present is the large level of deposit required. The NewBuy Guarantee scheme launched this week tackles that problem head on. Whereas mortgage applicants are typically required to give a deposit of 15-20 per cent at the moment, NewBuy makes it possible for first-time buyers and existing home owners to get a mortgage on a new-build property with only a 5 per cent deposit. This new deal for first time buyers means that where buyers have been required to save a deposit of between £30,000 - £40,000 they will now need only £10,000."
"The range of schemes the government is setting out are really exciting, especially given the difficulties young people across Winchester & Chandler's Ford have in getting onto the housing ladder. These measures are not the only answer and I would like the Government to do more, for-instance extending the stamp duty holiday for new buyers, but I hope they will offer real hope to many."
More information...
Young people looking to get on the first rung of the housing ladder can see more at www.newbuy.org.uk.
You can read the debate in full via the Parliament website and you can watch again via Parliament.TV.
