A prominent Conservative has described as “infuriating and saddening” the fact that so many Millennials are stuck renting and cannot afford to buy.
Ryan Shorthouse is the founder and chief executive of the Conservative-supporting think tank Bright Blue, and writing in The Times he is critical that under his p[arty’s government “buy to let investors have swooped to claim properties that traditionally would have gone to those starting out on the property ladder.”
He is also critical that a reported one in six so-called baby boomers have a second home.
Instead Shorthouse wants Housing Secretary Michael Gove to tilt the balance of the housing market towards first time buyers. He praises the additional homes stamp duty surcharge for second home owners and investors but wants more, with a mortgage review leading to easier and cheaper loans for FTBs, and their rent record becoming part of their eligibility for a loan.
He also considers interest-free loans for younger non-home owners “of modest means” as a potential Conservative policy.
“Addressing this inter-generational injustice needs to be a central mission for this government” he says, adding: “[This would be] for moral and economic reasons but also political ones.”
And he concludes with a rallying call to his part, saying:”It’s time to do something bold so that more millennial can obtain what is worth conserving.”