"Some of the policy challenges were familiar as well. Britain's new housing secretary, Steve Reed, addressed the massive convention centre wearing a bright red Donald Trump-style cap emblazoned with the slogan Build, baby, build. Just like federal Labor's efforts to address housing supply and affordability issues here in Australia, Reed told the conference the slow pace of home construction across the UK was hurting families and young people and needed urgent attention."
"A couple of days later having being off the plane in Sydney for a mere two hours Albanese headed to a press conference to spruik his government's expanded scheme to help first home buyers access a loan with a deposit of as little as 5%. Taxpayers will guarantee the loan, saving the buyer from expensive insurance attached to their mortgage from a bank. Initially promised for 2026, Labor kicked off the uncapped scheme early, prompting a rush of applications on Wednesday."
A UK Labour conference highlighted shared housing challenges, with Steve Reed promoting increased home construction to relieve pressure on families and young people. Young activists view greater housing supply as a path to improve political prospects. Shortly after returning to Australia, the prime minister promoted an expanded first-home buyer guarantee enabling loans with 5% deposits, backed by taxpayers and launched early as an uncapped scheme. The government argues the policy helps buyers build equity instead of paying others' mortgages. Economists and housing experts warned the measure will push up prices and further distort the market, likely producing contrary outcomes.
Read at www.theguardian.com
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