Mortgages  

May pledges housing is her 'personal mission'

Published in February, the white paper offered higher fees and new capacity funding to develop planning departments, encouraged greater diversity of homebuilders and offered a “clear and stable long-term framework for investment,” including products for rent.

Mr Javid said: “There are many, many faults in our housing market, dating back many, many years. If you only fix one you’ll make some progress, but not enough. This is a big problem and we have to think big.”

Mrs May said the government is already increasing the affordable housing budget by an additional £2bn to more than £9bn, setting a long term rent deal for councils and housing associations in England from 2020 and keeping the Help to Buy scheme.

This scheme has helped more than 130,000 more families get a deposit to buy their own home and Mr Javid said the Government has invested a further £10bn in Help to Buy to help a further 135,000 households by 2021.

The recently set up House of Lords Economic Affairs committee inquiry into the UK housing market will look at whether the supply of reasonably priced private housing can be increased, whether the current trend away from homeownership is what is wanted, whether Help to Buy has been effective at improving the affordability of housing and whether there are tax measures which can improve housing supply.