Like it or not, we now have a majority Conservative government – not a Coalition anymore – so what does that mean for first-time buyers?
If anything, the end of a coalition government should provide more confidence that the majority Tory government will be able to put into practice more of their pre-election promises.
That means the Tory Manifesto is a good reference point for the kinds of things we might be able to expect during the coming five years.
And as it has an entire section entitled ‘Helping you to buy a home of your own’, there’s plenty for first-time buyers to pay attention to.
In summary, there are five pledges made:
- Low mortgage rates through long-term economic planning.
- More affordable housing, including 200,000 Starter Homes for FTBs under the age of 40.
- Help to Buy Equity Loans extended to 2020 and Help to Buy ISAs introduced.
- Right to Buy extended to allow housing association tenants to buy their home.
- More local control over planning approvals, with protection for greenbelt land.
“We understand how good it feels when you have worked long hours, saved money for years, and finally take possession of the keys to your first home,” the manifesto states.
“For years, however, people have been finding it harder and harder to get on the housing ladder.”
The manifesto goes on to pledge support not just for FTBs, but for those already on the ladder too, with long-term planning to make sure mortgage rates remain low for homeowners as well as for those buying for the first time.