MPs Investigate Pathways from Renting to Buying
- Sarah Ruivivar
- Jul 30
- 2 min read
The all-party Housing, Communities and Local Government committee of MPs is on a mission to crack the code on how renters can transition into proud property owners.
With affordability being a hot topic, this inquiry couldn't come at a better time.
The committee is diving deep into government support for first-time buyers, examining stamp duty reliefs and financial products like special ISAs and mortgages. They're on the hunt for ways to make these aids even more effective in helping people climb the property ladder.
Did you know that in 2014, the average home in England cost seven times the average earnings? Fast forward to 2023, and it's now 8.25 times. While that's an improvement from 2021's nine times, there's still work to be done.
Chancellor's recent plans are also under the microscope, including a permanent mortgage guarantee scheme and potential tweaks to lending rules. Imagine using your stellar rent payment history to snag a mortgage—exciting, right?
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The committee isn't stopping there. They're also exploring the Affordable Homes Programme and its offerings like Shared Ownership, ensuring they provide genuinely affordable pathways to homeownership. Plus, the impact of changes to the Right to Buy scheme will be scrutinised.
Florence Eshalomi, committee chair, highlights the urgency of building more homes and improving support for first-time buyers. With public evidence sessions kicking off in October, expect insights from mortgage providers, developers, councils, and more.
Stay tuned as this inquiry unfolds, offering hope and potential pathways for renters dreaming of owning their own slice of the property pie!
Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
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