MillenniALL by Sean Purcell

Author:Sean Purcell
Language: eng
Format: epub
Publisher: Panoma Press Ltd

Essentially, I am proposing the following policies to alleviate the pressure of the housing crisis:

• A mechanism to prevent land banking and other unethical practices

• A mixed economy of housing, particularly through innovations such as decent social housing (paid for by allowing borrowing to fund investment)

• A review of Help to Buy schemes to ensure that service charges are kept reasonable, that mortgage lenders remain wary of applications with only a 5% deposit and that Help to Buy is available in places where house prices are higher, such as (inner) London

• An expansion of the lifetime Isa (Lisa), which is designed to help people save for their first home or for a later-in-life need, and a review to consider higher caps on the amounts that can be invested and reducing the withdrawal fee (currently 25% unless the withdrawal is for one of a handful of very specific reasons). The cap and the withdrawal fee discourage people from seeing the Lisa as an appropriate savings programme.

Alongside these, it is important that we all have an honest conversation about what property is primarily for – where it is seen as a home that provides warmth, shelter and security, and enables people to open a bank account, hold down a regular job and start a family. Society has a stake in ensuring that millennials get the opportunity to rent as early as possible, and move to ownership at a time that suits them. While we continue to view property primarily as an asset, there is no incentive for us as a society to view the housing crisis as a shared problem requiring a shared solution, which it fundamentally is.

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