In October 1950 at the Conservative party annual conference, Winston Churchill declared to a packed hall of delegates: “You’ve demanded that the target we should put in our programme is 300,000 houses a year. I accept it.” The rapturous applause that followed left him unable to finish his thought.
This commitment would become part of the programme credited with securing the election for the Conservatives in 1951. Seventy-one years later, things are rather different. Last week’s “mini” Budget has sent shockwaves through those who own — or indeed one day hope to own — property. Mortgage rates are predicted to spike and huge numbers of deals are being withdrawn. Unless you’re earning significant amounts, you can forget about getting the few mortgage products still available to first-time buyers.
Renting is not easy either. Rates in the privately rented sector outstrip what most people can afford in big cities, where the jobs and opportunities are clustered. Many local authorities have significantly depleted social housing (ie actually affordable housing).