Liz Truss vows to ‘unlock’ home ownership of millions Politics | news
The Tory frontrunner wants the rental payment to be included in the mortgage estimation if she becomes prime minister. She also plans to eliminate red tape, which has stalled house construction, and give local communities greater rights over development.
Ms Truss said: “People are getting old and old before they can even set their foot on the property ladder. This is a problem not just for the Conservative Party but for the future of the country.
“As Prime Minister, I will break down barriers and unlock home ownership opportunities for lakhs of hardworking renters across the country.
“I will also break the red tape that is preventing house construction and give more power to local communities.
“As a former councillor, I remember those painful hours sitting through planning committees.
“I will put power back in the hands of local councilors who know far better than Whitehall what their communities want.”
According to the government, more than half of today’s renters can afford the monthly cost of a mortgage. But the various constraints mean that only about six percent of first-time buyers can access the mortgage immediately.
The truss campaign said this is because most lenders currently do not take someone’s ability to pay a certain amount of rent as proof that they can afford a higher mortgage, giving them the value to buy a home. can determine.
Through an upcoming government review of the market, Ms Truss will allow rent payments to be used as part of an affordability assessment for a mortgage.
Polls conducted by YouGov in February showed that nearly three-quarters of Britons (76 percent) think banks and other mortgage lenders accept a history of regular rent payments as proof of affordability when applying for a mortgage. should do.
Foreign Secretary Ms Truss has also pledged to end the red tape that is blocking House building by removing the housing targets imposed by Whitehall.
A spokesman for his campaign said: “The government of Truss will work with local communities to identify mature sites for redevelopment and to ease planning restrictions, turbocharge commercial and residential development.”
The plans are part of Ms Truss’s broader program to ease the nationwide housing crisis and lift the country.
It follows his historic policy of creating new model towns and industry centers in the spirit of Bourneville, on the south-west side of Birmingham, and Saltaire, the Victorian model village in Shipley, West York.
The new cities will bring business, opportunity and housing together under a lower tax, less regulation and less planning “investment zone”.
Councilor Andy Baggott, leader of the Conservative-run Basildon Council, who recently faced local opposition to raising the housing targets, said: “These top-down, Whitehall-set housing targets not only work with Conservative councilors but also for residents. are also unpopular with.
“To end these, as Liz Truss proposes, would be a radical, vote-winning reform to take us to next year’s local elections – and the general election after that.”
Ms Truss heads the bookies favorite over the weekend to win the race to replace Boris Johnson as Tory leader and prime minister. Momentum is gathering behind the foreign secretary with several polls putting him clearly ahead of former chancellor Rishi Sunak.
This weekend is seen as the last chance for Mr Sunak to regain some ground, with many Conservative members expected to cast their vote as soon as the ballot arrives next week.
During the leadership campaign, Truss promised to review the inheritance tax after the taxpayer took a record amount of money from the victims’ families.
She said: “Our tax system is not working. it’s too complicated. I will do a full review of the tax system.
Asked if she would look at inheritance tax as part of that review, Ms Truss said: “I will look at it again but I will have to look at it round the clock.” Previously seen as a tax on the wealthy, the inheritance tax now catches on to millions of ordinary families.
This is partly due to the rise in property prices, but also due to the government’s decision to freeze tax limits since 2010, meaning more people have hit a peak as inflation rises.
Figures released this week show the government raked in £6.1 billion in 2021-22 – the highest figure on record and a 14 percent increase over the previous year.
Ms Truss campaigned in Suffolk and Norfolk yesterday, where she defended her plans to cut taxes. As part of their campaign run, the Hope’s leadership also spoke at Breckland Council in Dereham, Norfolk.
She said: “Two, following the same economic path, are currently projected to lead us into a recession.
“The tax cut I am proposing is about increasing supply in the economy.”
She continued: “The way to achieve growth is to make the necessary reforms to our economy, highlighting the opportunities post-Brexit.
“And I have done a lot as International Trade Secretary and Foreign Secretary.
“But to help people and businesses keep more of their money so they can invest in the future.”
When asked if she would be watching Mr Sunak’s important interview with Andrew Neal on Channel 4 last night, Ms Truss said she would be celebrating their wedding anniversary. She told reporters: “Today is my wedding anniversary. So I am celebrating 22 years of marriage with my husband.”
Ms Truss also said she was “delighted” to have the support of Defense Secretary Ben Wallace. Mr Wallace praised his support for defense and security as he endorsed her as his choice for prime minister.