The Labour Party will host an emergency mortgage summit with brokers this week, to discuss the ramifications of the current housing crisis on homeowners and prospective first-time buyers.
Shadow Chancellor Rachel Reeves and Shadow Housing Secretary Lisa Nandy will oversee the summit.
Reeves has declared homeownership to be a central tenet of her ‘securenomics’ strategy. To that end the Labour Party has introduced a four-point plan to boost homeownership.
The aim is for 70% of individuals to own homes, to be achieved through planning system reform, including rental payments in mortgage affordability assessments, endorsing shared, discounted and community ownership models, initiating a state-backed mortgage insurance scheme, and granting local residents the first refusal on new developments.
Reeves said: “Too often, families who are saving for their first home but getting no closer to buying it tell me that they feel like they’re doing something wrong.
“It’s clear that the issue lies with the Tory Government’s handling of the housing market and economy over the last 13 years.”
She further added: “Nowhere is that more true than on homeownership, with more and more people locked out of the market.
The Labour Party is now the only choice for people who dream of owning their own homes.”
The party hopes the summit with brokers will yield insights to further their plan to address the crisis.
