Conservatives promise help for first-time buyers, amid election concerns

The Conservatives plan to cut the up-front cost of a home for first-time buyers. Michael Gove told The Times that the party would “definitely” have a new offer in place before polling day, in what is expected to be a central element of the party's campaign. Options being considered include Government support for longer fixed-term mortgages and a revival of the Help to Buy scheme. Ministers are also reportedly looking again at stamp duty and some in favour of scrapping the tax altogether, arguing that it distorts the housing market by discouraging people from moving. Gove said: “We have been asking the question, how can we ensure that people with decent incomes who are finding it difficult because of the scale of deposit required can get on to the housing ladder? I don't want to pre-empt anything … but it's about looking at some of the rigidities in the mortgage market which they haven't got in other jurisdictions.”

The Times