Peter Lamb MP welcomes Budget measures to help Crawley residents onto the housing ladder

Peter Lamb, Labour MP for Crawley, has welcomed new measures announced in the Labour Government’s Budget to help more people achieve their dream of owning a home, alongside further investment in social and affordable housing.

The Budget includes a new £4.7 billion Your First Home scheme, expected to help around 70,000 first-time buyers onto the property ladder, while supporting the construction of approximately 20,000 new homes.

The scheme will help prospective homeowners who do not have access to the ‘bank of mum and dad’, offering government-backed loans and allowing eligible first-time buyers to purchase a home with a deposit as low as 2.5%.

The Chancellor has also announced a new First Time Buyer ISA, offering a 25% government bonus to help people save towards a deposit, alongside an additional £1.5 billion investment in social and affordable housing, intended to deliver a further 10,000 homes.

The measures form part of the Labour Government’s wider commitment to improving access to housing and helping more families secure a place to call their own.

Peter Lamb, Labour MP for Crawley, said:

“Owning your own home should not be a distant dream, but for far too many people in Crawley, particularly younger residents, getting onto the property ladder has become increasingly difficult.

“People who work hard, save what they can and want to put down roots in their community should have a fair opportunity to own a home, regardless of whether their parents can afford to help them with a deposit.

“That’s why I welcome the Government’s new £4.7 billion Your First Home scheme, alongside additional support for first-time buyers to save for a deposit. These measures will help make homeownership a more realistic prospect for thousands of people who might otherwise have been priced out.

“The additional £1.5 billion for social and affordable housing is equally important, helping deliver more of the secure and affordable homes that communities like Crawley need.”

“Having a safe, secure and affordable place to call home is fundamental to building a better future. This Budget is an important step towards ensuring that more people, whatever their circumstances, have that opportunity.”

ENDS