Want to help first-time buyers? Start by helping their grandparents move

It’s abundantly clear the UK needs more homes, but forecasts suggest the Government’s ambitions are at risk. The Office for Budget Responsibility (OBR) expects 190,000 fewer net additions to our housing stock than forecast in March, raising serious questions about the reality of the 1.5 million homes target. Support for first-time buyers is, of course, welcome. The Chancellor’s new plans, from the ‘Your First Home’ equity loan to ISA reforms, give younger buyers a fresh chance to take that all-important first step on the ladder.

Yet, as the OBR notes, these will only have a “marginal impact” on housing supply itself. We need a much broader approach to tackling the housing crisis. One that builds the homes people need, but also uses our current housing stock much more efficiently. Successive governments have overlooked the crucial role of downsizers in unlocking the market. Older people deserve genuine choice in how and where they live as they get older. That means we need a much-needed step change in delivering high-quality retirement housing options.

Properties and communities that promote independence, wellbeing, and social connection where people already have ties and want to live. Retirement communities must be recognised as a vital part of the housing mix, not treated as a niche product. Unlocking downsizing also frees up under-occupied family homes, creating ripples of momentum down the ladder. If ministers are serious about getting Britain building, they must focus on more than the number of homes delivered.

We need a strategy that reflects our changing demographics and provides choice at every stage of life. This is not a choice between generations - Britain needs a housing market that works for everyone. ____________________ Nick Sanderson is the Founder of Audley Villages. LBC Opinion provides a platform for diverse opinions on current affairs and matters of public interest. The views expressed are those of the authors and do not necessarily reflect the official LBC position.

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