To ask His Majesty's Government what steps they are taking to support first-time buyers in taking advantage of new lower mortgage rates; and what additional incentives they are considering to stimulate home ownership.
Answered on
2 August 2024
The average 2-year fixed rate mortgage rose from 2 per cent to 6.2 percent between Q1 2022 and Q1 2024, adding £300 to typical monthly payments.
This government will deliver economic stability with tough spending rules so we can grow our economy and keep taxes, inflation and mortgages as low as possible.
This Government will also help to turn the dream of owning a home into a reality by fixing the planning system and building 1.5 million more homes, as well as helping buyers who are struggling to save with Freedom to Buy.