Affordability of housing, particularly for first-time buyers, places home ownership out of reach for many and incentives are needed to help people get on the property ladder.  

Statistics show that the housing market has become increasingly difficult to enter, with rising property prices significantly outpacing wage growth. In the UK, property prices have increased by over 50% in the last decade alone, whereas average wages have only seen a modest increase of around 20%. This disparity is making it increasingly challenging for first-time buyers, especially young families and individuals, to secure their first home. 

Many individuals are facing the pressing need for financial assistance now, especially when it comes to purchasing their first home. The government has the potential to make a meaningful change that could help thousands of first-time buyers by reforming the pension tax relief at source.  The proposed reform is to allow for an option to offset up to 50% of Pension Tax relief at source to be used against mortgage payments - for properties valued up to £200,000. This will also serve as a springboard to help these homeowners prepare towards their future retirement.

First-time buyers are essential to a healthy housing market, and helping them secure homes can benefit the broader economy. By providing the option to use pension tax relief toward mortgage payments, this reform could alleviate some of the immediate financial pressures they face, allowing them to invest in their future security and stability both now and in retirement.

Supporting this petition means advocating for a balanced approach where future retirement security and current housing needs can coexist. Reforming the pension tax relief system, in this way, offers a practical solution to empower individuals and support them in their quest for home ownership.

Further Government reforms are then open around Tax incentives for home builders to build properties in this price range, combined with a national programme which expands the number of skilled Trades would promote jobs, security and Growth.  

Please sign this petition to urge the government to consider this crucial reform for the benefit of current and future generations of homebuyers.