Email not displaying correctly? View it in your browser.

Briefings

Member Briefing: Prime Minister dedicates her premiership to fixing the broken housing market

Date: 04/10/17

Prime Minister dedicates her premiership to fixing the broken housing market

Prime Minister, Theresa May has closed the Conservative Party Conference in Manchester with a speech in which she pledged to ‘renew the British dream’. Mrs May said she would take personal charge of ‘reigniting home ownership’ and delivering affordable housing for a new generation. 

The Prime Minister’s much anticipated speech included a lengthy section on the subject of home ownership and housing supply. Building on the announcement earlier in the week of extra funding for the Help to Buy scheme, she announced the investment of an additional £2bn in affordable housing, to be bid for by councils and housing associations to deliver new social rented homes, ‘getting government back into the business of building homes’. 

Following the decision to bolster the budget for Help to Buy, the PM also used her speech to send ‘the clearest possible message to our house builders’. She said: 

‘We, the government, will make sure the land is available. We’ll make sure our young people have the skills you need. In return, you must do your duty to Britain and build the homes our country needs.’ 

 Addressing the importance of tackling the housing crisis, Mrs May said: 

‘I will dedicate my premiership to fixing this problem – to restoring hope. To renewing the British Dream for a new generation of people. And that means fixing our broken housing market.  

‘For 30 or 40 years we simply haven’t built enough homes. As a result, prices have risen so much that the average home now costs almost 8 times average earnings. And that’s been a disaster for young people in particular.’ 

Turning to the £10bn injection of funding into the Help to Buy scheme, the PM directly linked the Party’s failure to secure a majority at the General Election with its inability to connect with young voters on housing issues: 

‘Because it will take time for greater housebuilding to translate into more affordable house prices, we have introduced schemes like Help to Buy to support people who are struggling right now. 

‘But the election result showed us that this is not nearly enough. We’ve listened and we’ve learned. So this week, the Chancellor announced that we will help over 130,000 more families with the deposit they need to buy their own home by investing a further £10 billion in Help to Buy.’ 

 

David O’Leary

Policy Director