Andrew Rosindell – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Andrew Rosindell on 2016-01-06.

To ask Mr Chancellor of the Exchequer, what steps he is taking to increase the affordability of homes in the Greater London area for people under the age of 30.

Greg Hands

The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Spending Review the Government announced a series of measures which will help people under 30 in Greater London and elsewhere become homeowners.

These include plans to deliver 200,000 Starter Homes to be sold at a 20% discount to first time buyers under 40 and 135,000 Help to Buy: Shared Ownership homes. Government also announced that it will introduce London Help to Buy, increasing the value of Help to Buy equity loans in London to 40% from 25%, as well as extending the Help to Buy: Equity Loan scheme for a further year to 2021. These schemes are also supported by the recently launched Help to Buy: ISA, through which the Government tops up mortgage deposit savings for first time buyers by up to £3,000.