Labour unveils new housing policy with ‘Freedom to Buy’ scheme offering permanent mortgage guarantees

[Will!]

LabourList: Labour unveils new housing policy with ‘Freedom to Buy’ scheme offering permanent mortgage guarantees

Quote

Keir Starmer and Angela Rayner are calling Labour the “party of homeownership” as they pledge to permanently sustain and expand the Conservatives’ mortgage guarantee scheme, rebranding it ‘Freedom to Buy’.

The party says the plan could help 80,000 more young people onto the housing ladder over the next five years. It would make permanent the current mortgage guarantee scheme, which helps people get a mortgage with low deposits but had been due to expire in June 2025.

Labour leader Keir Starmer said: “Our changed Labour Party will be on the side of the builders not the blockers, to get Britain building again.

“My Labour government will help first-time buyers onto the ladder with a new Freedom to Buy scheme for those without a large deposit, and by giving them first dibs on new developments.

[Unmoderated]

https://www.ft.com/content/c7fa9d7f-8868-41b3-be55-ccc0ad8643d4

It will be a permanent 'solution' and offer state guarantees to first time buyer mortgages.

I think the window for wanting to buy a FTB without stupid competition is about to start closing.

[Timm]

7 minutes ago, Will! said:

LabourList: Labour unveils new housing policy with ‘Freedom to Buy’ scheme offering permanent mortgage guarantees

Oh dear.

Welcome the new boss, same as the old boss?

“Our changed Labour Party will be on the side of the builders

[Unmoderated]

9 minutes ago, Will! said:

LabourList: Labour unveils new housing policy with ‘Freedom to Buy’ scheme offering permanent mortgage guarantees

You beat me to it (I linked an FT article just before this came up!).

Anyway, I think the window for FTB property is going to start closing post election.

The issue with the current scheme is that it's been temporary and keeps getting extended. This new scheme is, allegedly, permanent which means lenders can bring it into the fold and 'help' more FTBs.

We all know what's going to happen.

[Unmoderated]

3 minutes ago, Timm said:

Oh dear.

Welcome the new boss, same as the old boss?

“Our changed Labour Party will be on the side of the builders

Plus ca change, plus c'est la meme chose.

[Bear Necessities]

80,000 over 5 years?

that's neither here nor there in either direction.

[Unmoderated]

2 minutes ago, Bear Necessities said:

80,000 over 5 years?

that's neither here nor there in either direction.

For context HTB has been used to purchase 376K properties over about 12 years, or roughly 30K per year.

This equates to half that number but HTB had a noticeable impact.

The other concern here is the scheme is supposedly permanent.

[Will!]

We'll have to hope the OBR say no.

[msi]

TINA

[Maghull Mike]

WE will never win, i give in

[zugzwang]

3 minutes ago, Will! said:

We'll have to hope the OBR say no.

I noticed recently that Chote has somehow acquired a Knighthood.

Let that sink in.

[Unmoderated]

2 minutes ago, Maghull Mike said:

WE will never win, i give in

• Shock.
• Denial.
• Anger.
• Bargaining.
• Depression.
• Testing.
• Acceptance. - in 2017 I gave up and bought.

[Timm]

I've got very little personal VI in lower prices.

But I'm still invested in more affordable prices for people who didn't get as lucky as I did.

This news makes me so very angry and sad and utterly furious with Labour.

Because they know how to fix it*.

*Once upon a time, Labour said they would use existing compulsory purchase laws to acquire low grade agricultural land at low cost, around existing and under utilised infrastructure hubs and grant blanket planning permission for new homes in a form of New Town Permitted Development.

Edit: Wait a minute:

https://labourlist.org/2024/05/angela-rayner-labour-new-towns-housebuilding/

Quote

Labour’s housing plans include a series of new towns, echoing those created by the Atlee government after the Second World War, with high standards for design, quality, affordable homes, green space and infrastructure.

Rayner will say Labour will learn the lessons of the post-war period, where the government proactivly planned for housing growth at a strategic scale.

https://www.thetimes.com/uk/politics/article/labour-plans-new-towns-with-edwardian-mansion-blocks-and-tree-lined-streets-w7n6rf8f0

https://www.bbc.co.uk/news/articles/c900pgjlvx8o

https://www.architectsjournal.co.uk/news/labour-to-pledge-post-war-style-drive-to-build-new-towns

https://www.insidehousing.co.uk/news/rayner-sets-out-labours-plan-for-next-generation-of-new-towns-with-commitment-to-40-affordable-homes-86561

Hmmm.

Guess we will have to wait and see.

Edited 4 hours ago by Timm

[Social Justice League]

Starmer is just a Tory establishment yes man. He's been given his orders, so I'm happy never to vote for him.

A real Labour government would try building council houses for rent only.

[Timm]

33 minutes ago, Social Justice League said:

Starmer is just a Tory establishment yes man. He's been given his orders, so I'm happy never to vote for him.

A real Labour government would try building council houses for rent only.

So who will you vote for?

(I'm guessing that if you can't have hard core left, you will swing hard core right?)

[WPU King]

5 hours ago, Unmoderated said:

https://www.ft.com/content/c7fa9d7f-8868-41b3-be55-ccc0ad8643d4

It will be a permanent 'solution' and offer state guarantees to first time buyer mortgages.

I think the window for wanting to buy a FTB without stupid competition is about to start closing.

Yes, they are on the side of builders/sellers and they know 20-somethings are too naive to see through policies such as this. Probably most 30-somethings too.

I fear another 20-30% uplift after a year or two of Even Newer Labour.