Response to the consultation on First Homes
This briefing establishes policy principles that the Government could adopt to deliver a home-ownership scheme, one that helps people access home ownership in their local area, and loosens the grip of poverty for people on low-incomes, often key workers in our society.
Recommendations - the Government needs to:
- Move away from arbitrary discounts on new build properties, and towards better understanding what is holding back those who want to access home ownership (including saving for deposits and the affordability of paying a mortgage). This information should then be used to design schemes which benefit a much wider demographic
- Propose a funding approach for affordable home ownership which expands over all of the affordable housing supply, so supporting potential home-owners does not tighten poverty’s grip on those in the most acute housing need
- Ensure that affordable home ownership policies recognise and respond to local housing need and do not override the need for other tenures, particularly social rent, where they are the best means of addressing local housing need