Councils should offer cheap, local-authority backed
mortgages to help first-time buyers and bring in rent regulations, according to
the shadow chancellor, John McDonnell. In a speech at Labour’s state of the
economy conference, he said the party wants to address the “freefall decline in
home ownership among young people”, pointing to a number of Labour councils
that are underwriting mortgages or lending money directly. The idea of councils
offering loans for property goes further than George Osborne’s Help to Buy
scheme, which guarantees part of a mortgage to enable people to buy with
smaller deposits. Read more on the Guardian website.
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