Last year, the number of first-time buyers fell to the lowest level in a decade as mortgage costs soared and a resilient housing market squeezed prices for prospective buyers.
It comes as Michael Gove prepares to announce a review of planning rules to help young people get onto the property ladder.
In an attempt to start building more housing, the Housing Secretary removed size and time limits on converting office buildings to housing, forcing a failed Congress to build more housing on brownfield land. He plans to order the construction of a
Mr Gove is also calling for 1% mortgages to be included in Chancellor of the Exchequer Jeremy Hunt’s Budget on March 6, and insists the government will ban no-fault evictions before the general election.
Mr Hunt is under pressure to cut stamp duty and introduce a “foreign ownership tax” to stop overseas investors buying up residential property.
The move comes amid growing alarm over the Conservative Party’s waning support among young people and millennial parents, largely due to struggles to buy or rent affordable homes. .
Support for the Conservative Party among voters aged 25 to 49 has fallen from 25% when they came to power in 2010 to 10% now, according to a weekend poll. ing.
The Telegraph’s analysis, based on data from Nationwide and the Office for National Statistics, compares the average London salary of £43,628 in 2023 to £33,124 in 2003 to the average London property price for first-time buyers in each year. Compare the price. This calculation assumes no prior savings or financial support.