Too many people, particularly younger people, can't afford a home of their own. Liberal Democrats have set a bold and ambitious target to increase the amount of homes we build in the UK to 300,000 every year, more than any other mainstream party. These homes will be greener than the current housing stock because they will be built to a “zero carbon standard” meaning they will be better insulated and heated.
We will also also create a "Rent to Own" programme, where young people will be able to buy their own home without needing a deposit. Rent to Own will see first-time buyers steadily build up a share in their home through monthly payments equivalent to rent until they own the property outright after 30 years, just like a normal mortgage.
For decades, successive Conservative and Labour Governments have not built enough homes. This lack of building has left us with a crippling undersupply and an industry that is only producing roughly half of the houses we need. This lack of homes forces prices and rents higher and higher leaving thousands of people, especially young people, with no hope of buying their first property.
We have set a higher target than the other parties because we believe 300,000 new homes a year is the minimum we need, not only to meet existing need but also to tackle the historic undersupply.