With promises from the main political parties to build more homes and provide support for first-time buyers, the general election should offer some hope to anyone struggling to get a foot on the property ladder.
However, a survey by mortgage lender Aldermore has found that less than half (46%) of potential first-time buyers believe the election will improve their purchasing prospects, despite manifesto pledges.
Labor is promising to expand the Mortgage Guarantee Scheme (MGS), which, thanks to government support, will make mortgages more accessible to buyers with a 5% deposit. The plan, introduced by the Conservative government, will be rebranded by Labor Freedom to buy.
It also pledged to build 1.5 million homes during the next parliament.
Conservatives, meanwhile, are also planning to extend the MGS, and they will make permanent the stamp duty break for first-time buyers up to £425,000 of the value of their property. She want to introduce a new Help to Buy scheme and the construction of 1.6 million homes.
Yet the majority of potential first-time buyers surveyed by Aldermore seemed unconvinced that this was enough to help them overcome the many challenges they face.
Aldermore said 73% of potential first-time buyers believe the government and mortgage industry should be more creative in introducing new incentives and legislation to help people buy.
Jon Cooper, mortgage director at Aldermore, said: “One point most politicians can agree on is that home ownership has become an increasingly challenging goal for the majority of hopeful buyers. As voters (and especially young people) head to the polls, homeownership will be paramount.
“Hopefully this election will reinvigorate the conversation about how we can help more people onto the property ladder and show more first-time buyers that this goal is still possible.”
You can read more about the the commitments of the parties in this article.
What do you think of what Labour, Conservatives and others are offering starters? Do you think this will make homeownership more accessible or is there more to be done? Tell us in the comments below.