In an interview with The Daily Telegraph today, the Prime Minister stressed his commitment to helping 'Generation Buy' via long-term fixed-rate mortgages - a Conservative manifesto proposal inspired by the Centre for Policy Studies's landmark report 'Resentful Renters'.
The report was written by entrepreneur and philanthropist Graham Edwards, Executive Chairman of Telereal Trillium and Chair of the CPS's Housing Policy Group. It showed that increased deposits and tighter Bank of England regulations, introduced in the wake of the financial crisis, had locked 3.6 million people out of home ownership, and tilted the housing market unfairly towards buy-to-let. It argued that introducing these new mortgages could help 1.9 million families to become home owners.
Robert Colvile, Director of the CPS, said:
“Home ownership is a near-universal aspiration in the UK, yet the younger generation has been left behind. We have an obligation to try to help them get a foot on the property ladder. We are delighted to hear the PM is adopting the policies set out in the CPS's Resentful Renters report. Fixed-rate, long-term, low-deposit mortgages are key to helping first-time buyers to afford a home. The Government must act now to rebalance the housing market towards home ownership.”
Graham Edwards, author of 'Resentful Renters', said:
"This is a really exciting initiative for millions of renters currently locked out of the housing market. I am delighted that the Prime Minister has chosen to bring new hope to a generation of aspiring home owners."
Notes to Editors