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Labour woos first-time buyers with mortgage guarantee pledge

David Sturrock, a senior research economist at the Institute for Fiscal Studies think tank said that big falls in homeownership during the 2000s meant young adults are now a third less likely to own their own home than they were 25 years ago.

He said that making the current scheme permanent had the “potential” to reduce one of the barriers to getting on the housing ladder.

“Prospective buyers also need to have a sufficiently high income to take out a (bigger) mortgage and afford the repayments,” he said.

As a result, potential buyers in their 30s and from more well-off backgrounds looking to buy outside of London and south-east England were more likely to be able to take advantage of the offer, he suggested.

For its part, the Conservative party is putting forwards its “Family Home Tax Guarantee”.

The Tories have pledged not to increase the number of council tax bands, carry out a council tax revaluation, cut council tax discounts or increase the rate or level of stamp duty which buyers pay when they purchase property.

Laura Trott, Chief Secretary to the Treasury, said: “Only Rishi Sunak and the Conservatives have a clear plan, backed by bold action, to strengthen the economy, bring mortgage costs down and help more people get on the housing ladder.”

SNP candidate for Airdrie and Shotts, Anum Qaisar, said Scottish households were “being punished by Westminster failures”, adding that “the cost of mortgages and energy bills are too high and families need help now.”

The Liberal Democrats said they would “put community need over developer greed, giving people the chance to get on the housing ladder with genuinely affordable houses.”

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