Ministers pledge more aid for first-time buyers

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Michael Gove, said the move will force lenders to be more generous to young borrowers.

His pledge comes after pollsters warned that voters in their 20s and 30s would abandon the Conservatives at the next election if their ambitions to own a home continue to be thwarted.

In 1995, two-thirds of people aged between 25 and 34 owned their own property – now only about a quarter do.

The reforms should also help tenants – leading to banks lending to those who can show their regular rental payments are equal to, or higher than, the expected mortgage payments on their first home.

Writing in a Sunday newspaper, Mr Gove, also promised to help renters save, to provide new council houses and to extend Government help to benefit claimants struggling with mortgage payments.

The Levelling Up Secretary wrote: “More than half of those in the private rented sector could currently afford the repayment costs on a mortgage but just three percent have the savings necessary to put together a deposit and meet the lenders’ requirements for a typical first-time buyer’s property.”

House prices have tripled in the past 20 years.

Middle-class young adults in modestly-paid jobs and with no family wealth to fall back on are the most disenchanted.

Mr Gove added: “The receding prospect of homeownership has meant young people stuck in the family home or in the private rented sector, unable to put down roots in a place they love with the people they love.”

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