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Miliband pledges help for first-time buyers

Tuesday, 24 May 2011 1:02 PM

Labour leader Ed Miliband says politicians must act to stop people having to wait until their 40s to buy their first home.

He told an audience in London that his “Jam generation” of politicians was in danger of creating a “jilted generation” of people working longer hours and deeper in debt and that people wanted more from politics.

“I’ve heard it from the mums and dads who don’t understand, because they have done everything right - raised their children well, given them every opportunity - but their kids have no prospect of buying a home until they’re nearly 40.

“Since 2007 the average age of first time buyers without assistance has risen from 33 to 37.”

Miliband attacked the government for its cuts in investment and botched reforms of planning for new homes and said housing would be one of his top five priorities.

“Our generation of politicians must act or people will be waiting till their 40s before they buy their first home,” he said

“It is a sign of our commitment on this issue that when we said the bank bonus tax should be extended for another year, we said part of it should be used to build homes. And a task I have set for our policy review is that we must seek to stop the inexorable rise in the average age of home ownership.”

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