Renting or buying?

In the election I campaigned for Home ownership for the many. I am very well aware that a large number of younger people in their 20s and 30s are unable to afford their first home and have to rent, often sharing accommodation or renting small units to manage the bills.
I have held meetings with and had conversations with Ministers to promote and develop the Help to buy schemes which offer assistance with the deposit to buy. I have also now held meetings with Councillors and officers in Wokingham Borough, and had email exchanges with West Berkshire Councillors over the local response to the new scheme to provide more affordable homes for purchase, with a 20% discount on normal market prices for first time buyers. Ministers are working on the details this autumn, and I am keen to see a positive response in our area.
Over an adult lifetime it usually makes financial sense to own rather than to rent. Home ownership continues to rise amongst the over 45 s, so it is good news that more people can look forward to a retirement without having to fear and pay a rent bill. We now need to help Generation Rent, as we are going backwards on owner occupation for younger people.

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  1. Pete
    Posted August 25, 2015 at 8:51 am | Permalink

    Perhaps you should consider not stoking the housing market up so that prices actually drop to affordable levels rather than encouraging people to go into debt they can’t afford?

  2. PT
    Posted August 25, 2015 at 9:10 pm | Permalink

    Help to Buy pushed house prices even higher. How does that help first-time buyers and renters, John?

  • About John Redwood

    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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