Housing Plan announced by Conservatives

The Conservative party has pledged to deliver 1 million more homes in the next five years and review new ways to support home ownership following the end of Help to Buy, as it reveals its housing plans as part of its election manifesto.

The Tories have announced they will deliver “at least” another 1 million homes over a five year term, building on the 1 million that the party says have been built over the past five years, and progressing closer to its target of 300,000 new homes per year by the mid-2020s.

In plans focused on home ownership, the Conservative party said it would help renters to buy, offering long term fixed rate mortgages requiring only 5% deposits.

It also intends to help renters through Lifetime Rental Deposits, where deposits can be transferred from one rental property to another, “making the process of moving home easier and cheaper”.

The party also plans to launch a new First Home scheme, with homes to be sold at a 30% discount for local first time buyers.

It said it would look at new methods of stimulating home ownership following the closure of the Help to Buy equity loan initiative in 2023. As part of this, the party added it would consider recommendations by the National Audit Office.

Prime minister Boris Johnson said: “The Conservatives have always been the party of home ownership, but under a Conservative majority government in 2020 we can and will do even more to ensure everyone can get on and realise their dream of owning their home.

“At the moment renting a property can also be an uncertain and unsettling business, and the costs of deposits make it harder to move. We are going to fix that.”

Housing secretary Robert Jenrick added: “A Conservative majority Government will make sure we have the homes we need in every part of the country. We delivered one million homes in the last five years and we’ll deliver at least another million in the next five years.

“We’ll help renters make the leap onto the housing ladder and we’ll provide discounts for first time buyers in their local areas.”