Mortgage Advice Bureau : Recap of Conservative government’s Queen speech

In December 2019, the new Conservative government was elected and here's a quick round-up of what was in the Queen's speech about housing…

• Confirmed their commitment to helping people realise their dream of homeownership. Part of this includes the launch of a consultation on First Homes. First Homes aims to provide homes for local people at a discount rate of at least 30 per cent (this discount currently has no end period).
• The Affordable Homes Programme will be renewed.
• The Shared Ownership scheme will be reformed in order to make the home-buying process fairer and more transparent.
• Committed to building at least one million new homes. The plans on how to achieve this will be released in the Planning White Paper and funding for critical infrastructure.
• In order to support the new homes that will be built, the £10bn Single Housing Infrastructure will provide new roads, GP surgeries and schools that are needed.
• Introduction of a programme to end unfair practices in the leasehold market. This includes making the process of buying a freehold or extending a lease easier, quicker and more cost-effective.
• If new homes can be sold as freehold, then they will be. This will stop unnecessary ground rates, give homeowners more rights to challenge unfair charges, close legal loopholes such as unfair evictions, and make it faster and cheaper to sell a leasehold home.
• A Social Housing White Paper that will set out measures to empower tenants and support the supply of social homes.
• Help to Buy scheme has been extended from 2021 to 2023. Following this, a review will take place to identify new ways to support home ownership.
• Help people who want to build their own homes to find plots of land and access the Help to Buy scheme.

For more information about what government housing schemes are available to help you on the property ladder, please feel free to get in touch with our friendly team.