Susan Emmett

The Conservative Party conference kicked off with news that the government plans to earmark an additional £10 billion for the Help to Buy scheme to support 135,000 home buyers. Theresa May’s extension to David Cameron’s flagship housing policy, which has helped over 320,000 buyers since its launch in 2013, is part of a raft of eye-catching measures to win over voters under 45 who deserted the Conservatives in the last election. With house prices now almost eight times the average income and many struggling to afford a home, housing has become a critical political issue. The increase in cash is a clear attempt to appeal to the young hoping to get on the housing ladder. But is this short-term measure enough to fix the broken housing market?

Buying a house is a major decision and few people want to commit to such a life changing purchase in times of uncertainty. It’s no surprise therefore that the confusion, fear and downright shock that followed the EU referendum vote to leave has had an effect on sentiment in the housing market. The latest survey from the Royal Institution  of Chartered Surveyors confirmed what we all already suspected -  that Brexit uncertainty has had an impact on market activity. New buyer enquiries declined significantly across the UK in June to its lowest reading since the mid-2008. The survey also recorded further decline in sales and many expect this to continue. Last month also saw a reduction in house price growth.

Stepping onto the property ladder has become an enormous stretch for first-time buyers. But for those with no access to the generous bank of mum and dad, could shared ownership help? Initially conceived in the 1980s with the aim of helping key workers to access the housing market, the niche housing scheme has the potential to become mainstream as a result of significant new investment. As part of its drive to reverse the decline in home-ownership, the Government has allocated an unprecedented £4.1 billion to enable the construction of 135,000 new homes for shared ownership. The rules have also changed to allow broader eligibility criteria for buyers and  a wider range of providers to offer the homes, previously only managed by housing associations.