iz Truss has vowed to “unlock” homeownership if she’s made Prime Minister by helping tenants prove they are ready to take out a mortgage.
The Tory leadership candidate said she would “break down barriers” to support people eager to get up the housing ladder, enabling more tenants to demonstrate their ability to buy a home.
According to the GovernmentMore than half of current renters can afford the monthly cost of a mortgage, but due to various restrictions, only 6% can get immediate access to a typical mortgage for a first-time buyer.
The Truss campaign said this is because the majority of lenders currently do not view someone’s ability to pay a certain amount of rent as evidence that they can afford to pay a higher mortgage, leaving them can no longer buy a house.
Through an upcoming market review by the government, Minister of Foreign Affairs would allow rent payments to be used as part of a mortgage affordability assessment.
She also plans to “break the red tape that holds back housing construction” by “cutting whitehall-imposed housing targets from above”.
“The Truss government will work with local communities to identify sites ripe for redevelopment and to ease planning constraints – commercial and residential turbocharger development,” her campaign said.
Mrs. Truss said:People get older and older before they get a foot on the real estate ladder. It is not only a problem for the conservative party, but also for the future of the country.
“As Prime Minister, I would break down barriers and unlock the opportunity of home ownership for millions of hardworking tenants across the country.”
“I will also break the bureaucracy that is holding back the construction of houses and give more power to local communities.
“As a former councilor, I remember those painful hours on the planning committees. I will put power back in the hands of councilors who know far better than… whitehall what their communities want.”
Labor sources pointed to the party’s own analysis of UK housing survey data, which suggested 211,000 fewer working-age people were homeowners in 2020-21 than in 2009-10.
Over the same period, private rent rates skyrocketed, Labor said.