Labour Plans Mortgage Guarantees to Help First-Time Buyers.

The Labour Party, led by Keir Starmer, plans to offer mortgage guarantees to first-time buyers in an effort to help young Britons enter the housing market. Under Labour's proposal, the government would act as a guarantor for individuals who are unable to save for a large deposit, making permanent a current government scheme that offers 95% loan-to-value mortgages. The party's broader housing plan includes relaxing planning rules, constructing 1.5 million homes over the next five years, and increasing stamp duty for foreign buyers. Labour aims to address the increasing difficulty faced by young Britons trying to purchase their first homes, as data shows that the average age of first-time buyers has risen to 32 from 30 in the past decade, and the cost of housing has increased significantly. [Extracted from the article]