Prime Minister Sir Keir Starmer outlines plans to relax mortgage rules and build 1.5 million new homes by 2029, including the creation of new towns.
Prime Minister Sir Keir Starmer has outlined his government's ambitious plans to revolutionize the housing market and make homeownership more accessible for first-time buyers. In an exclusive article for Metro, Starmer emphasized the fundamental importance of a secure home, stating, 'I know from my own upbringing, a home means security. If you graft hard, the least you should expect is security.
' The Prime Minister, alongside Deputy Prime Minister and Housing Secretary Angela Rayner, unveiled the government's strategy to achieve its target of building 1.5 million new homes by 2029. This includes utilizing compulsory purchase orders and accelerating the creation of 'the next generation of New Towns.' These new communities, Starmer explained, will be strategically located near existing infrastructure, good job opportunities, and amenities, designed to attract residents and foster thriving environments.To address the challenge of affordability, Starmer announced plans to relax mortgage rules, making it easier for first-time buyers to secure loans. He confirmed that Economic Secretary to the Treasury Emma Reynolds has directed the Financial Conduct Authority to implement proposed mortgage changes. Furthermore, the government will introduce a permanent mortgage guarantee scheme, providing lenders with confidence to offer loans to individuals with smaller deposits. Starmer acknowledged the potential opposition to these plans, particularly from those who oppose new developments, but asserted that his government is committed to tackling the housing crisis with decisive action
Housing Homeownership Mortgage Rules New Towns Construction
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