The United Kingdom Prime Minister Boris Johnson will set out plans for lower-paid workers to be able to use their housing benefits to buy their homes and an extension of the right to buy for housing association tenants.
The Prime Minister is expected to confirm his intentions in a major speech on Thursday as he seeks to repair his fortunes after a bruising Tory revolt against his leadership.
He will hope the pledges to assist individuals onto the property ladder will please rebel MPs and voters who are facing fresh pressures from the cost-of-living crisis.
According to the reports, PM Johnson will commit to detail ‘reforms to help people cut costs in every area of household expenditure’ over the coming weeks.
Further, PM Johnson will argue that £30 billion in housing benefit that currently goes towards rent could help people secure and pay for mortgages, which was first reported in the plan.
The policy was described as ‘benefits to bricks’ by one Tory minister, who added that it would allow young people to pass the affordability checks required to get a mortgage.
More than three million people can claim housing benefits, with huge numbers of people also receiving support for their rent through universal credit.
On Wednesday, the PM said the Government would be ‘expanding home ownership for millions of people as he vowed to continue in No 10 despite the turmoil.
Downing Street’s press notice issued ahead of the speech contained little detail about the plans, but Mr Johnson will reportedly confirm his intention to give tenants of housing association properties the right to buy their homes.
