Experts divided on Freedom to Buy

Like most of Labour's policies, this seems to lack any real substance. The Mortgage Guarantee scheme has become almost obsolete with standard 5% deposit mortgages available, and even 1% deposit options on other schemes from lenders. House building targets are great in theory, but not if developers are not building truly affordable homes. It is pointless to have "first dibs" on properties that remain unaffordable to most first-time buyers. This policy will not hugely impact the property market and, I dare say, won't inspire much change in votes either.

Frustrated first-time buyers will welcome any schemes that help them get onto the property ladder. However, Labour should be cautious if their plan revolves around the cooperation of large housebuilders that dominate the market and have been key beneficiaries of schemes like Help to Buy. We need freehold starter homes and we need them now. Hopefully, this is a concept that a new Labour housing minister can grasp given that the 16 previous Conservative housing ministers couldn't.

This is a rehashed Tory policy under a Labour banner. This scheme will continue to languish without much take-up given the unattainable price tag of homes being developed. Of course the real winners of these plans will be the developers, which, after being given a hall pass on planning, will continue to focus on the most profitable type of housing rather than creating quality homes for those starting out. Freedom to Buy appears to be the continuation of a scheme that is not really fit for purpose.

Housing policy is like building, it’s developed over time. This is a positive first proposal from Starmer but things need to be bigger and bolder, and there is plenty of scope. A buying scheme to the scale of Help to Buy, but with innovation, is ripe for announcement and home builder incentives, not just targets, should be released. Labour have an open goal they need to take advantage of here, but they are at risk of fluffing their shot.

Nothing new here. We need ‘outside the box’ thinking, not just copying the Tory homework and presenting as their own. Whilst it’s comforting to see the Labour Party thinking of ways to help first-time buyers, 95% mortgages have been readily available for some time and have not fixed the problem. Their house building target of 300,000 is totally unrealistic without very extreme changes being implemented, and we need to see a plan for this.

Are all the political parties out of ideas? It seems that way. We need something that helps people to borrow with affordability being capped against inflated prices in some areas. A 5% deposit is unlikely to help them.

We were hoping that Labour might have yielded some new and fresh ideas, not repurposed Tory trash. Trying to sell “Freedom to buy”, which is simply Labour stating we will continue with a system that has not really done much to assist first-time buyers, feels a bit underwhelming. There are a few rungs of that first-time buyer ladder missing and that needs immediate attention by the next government. Building up that initial deposit we know is a tough ask for borrowers and the government, whether blue or red in colour, needs to grapple the property shortage and start making more affordable housing. It’s also frustrating when there are schemes like the Own New scheme which, on paper, go some way to helping first-time buyers but is not open to all brokers to help them. It’s a difficult place for first-time buyers.