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Editorial

Right to Buy to be Overhauled

Right to Buy to be Overhauled - A Plan to help those in need to buy their own home

Right to Buy to be Overhauled

A Plan to help those in need to buy their own home

Prime Minister Boris Johnson is expected to unveil a flagship policy today to help more people onto the property ladder.

It is reported to include extending Right to Buy to social housing tenants and changing regulations so that people can use money they receive from housing benefit to get mortgages and make monthly payments.

Johnson is also expected to announce a review of the mortgage market to see if there are ways to reduce the deposit a borrower needs when applying for a home loan.

A statement from Downing Street this morning said the Prime Minister will use a speech in Lancashire today to confirm his ambition to “unlock the opportunity of home ownership for more people through helping those in a position to buy, to access the mortgage finance they need, ensuring people are incentivised to save for a deposit no matter their financial situation, and improving the supply of housing across the country.”

Currently, too many people are spending huge sums of money in the private rental market when that money could be better spent on investing in their futures, in the form of mortgage payments on their own home, the statement said.

In a speech, the Prime Minister will say: “We have the tools we need to get on top of rising prices.

“The global headwinds are strong. But our engines are stronger.

“And, while it’s not going to be quick or easy, you can be confident that things will get better, that we will emerge from this a strong country with a healthy economy.”

It comes just days after Johnson survived a no-confidence vote.

The vote was held on Monday and Johnson narrowly avoided an ousting, with 211 voting for him and 148 against.

He had spent the day shoring up support among MPs in private meetings, with some reports suggesting that a housing-related announcement is on the cards.

He is reported to have told MPs: “If I am here later this week – and I very much hope that I will be – (Housing Secretary) Michael Gove and I will be setting out plans to kindle that dream of home ownership in the hearts of millions who currently believe it is beyond their means.”

COMMENT

The housing landscape in the UK must change, the last few decades, we have seen an attitude that is little more than an arrogant execution of ‘pull up the ladder’

Properties cannot be monopolised to those who were in the right place, at the right time, at the right age, with the right deposit, that is not how a society should work.

I am not advocating Socialism, I am advocating a real and workable manner in which people are able to buy their own home. I also disagree how people are also punished by lenders, because they were late paying their council tax or water, because invariably, it is those most in need who are punished the most.

I would argue that demonstrating that you have paid rent for a set period, be it a few months, a year or even a little longer, should qualify people for funding to buy their own home.

If we do not make drastic changes to society, then we risk society forcing drastic changes to us.

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