MP welcomes plans to unbolt the door to owning your own home

Mr Warman was commenting on Boris Johnson’s speech which set out his clear vision to tackle the cost of living, including his commitment to decrease the huge amount of money spent on renting.

Between 2005 and 2016, the proportion of 25- to 34-year-olds who owned their own home fell by 20 per cent. Yet the dream of home ownership unites 87 per cent of the country.

According to Mr Warman, strong progress on housing supply has been made in recent years: with over two million additional homes have been delivered since April 2010.

From April 2019 to March 2020 over 242,000 homes were delivered – the highest level for over 30 years.

First time buyers and key workers will be given priority access to these news homes, with the first comprehensive review in a decade also set to examine reforms to the mortgage market.

The review will consider how industry and government can better support prospective first-time buyers to save for the deposit they need and access low-cost, low-deposit mortgages – it will deliver recommendations in autumn 2022.

Commenting, Matt Warman said: “Home ownership provides people with security in the most challenging of times, but

declining home ownership rates means we must do more to help people onto the property ladder.

“That is why I welcome the Prime Minister’s commitment to reversing declining ownership rates and unlocking the opportunity of home ownership, putting more people in the position to buy.

“These measures sit alongside reforms to help people cut costs in every area of household expenditure, from food to energy to childcare to transport and housing, as this Conservative Government tackles the cost of living in every possible area”.

Prime Minister Boris Johnson said: “We have a ludicrous situation whereby plenty of younger people could afford to make

monthly mortgage payments – they’re earning enough to cover astronomical rent bills – but the ever-spiralling price of a house or flat has so inflated deposit requirements that saving even just 10 per cent is a wholly unrealistic proposition for them.

“So we want it to be easier to get a mortgage.”