News and Views
Boris Johnson announces 5% mortgage deposits for first-time owners to create ‘generation buy’
Boris Johnson has promised to create 2 million more owner-occupiers by introducing 5 per cent mortgage deposits for first-time buyers to transform “generation rent” into “generation buy”.
The pledge was one of a series of ambitious promises in the prime minister’s speech to the annual Conservative conference, also including a massive increase in wind power, one-to-one tuition in schools and reform of social care.
In a speech delivered virtually and with no audience, Mr Johnson dismissed suggestions that he was suffering from the after-effects of Covid as “seditious propaganda”, but admitted he had been badly hit by the illness because he was “too fat”.
Mr Johnson said that it was “disgraceful” that levels of homeownership among under-40s had plummeted over recent years, forcing millions of people to “pay through the nose to rent a home which they can’t truly love or make their own”.