Ben Cooper column: ‘Labour must help families build towards their dreams’

Today millions of people across England will be voting Reform or Green at the local elections. They will often be motivated by a frustration that our country is not working for them or their family. Long-term financial security seems like a distant dream.

Housing insecurity looms large for many. A sense of ‘broken Britain’ is driven, in part, by declining rates of homeownership. So while the government has improved security for private renters, homeownership is important too. 

Over two decades, the proportion of those aged 25 to 34 owning their home fell from 59 per cent to just 39 per cent. And for those aged 35 to 44, it has fallen from 73 per cent to around 59 per cent. 

These are people who grew up in a Britain where homeownership defined success. It seemed possible for nearly everyone, and it could be achieved early in adulthood. They are now trying to settle down with a family, but without the stability that comes from owning a home. The gap between their expected future and the reality is why so many people feel angry, disconnected and insecure. 

Over 2.1m children aged 10 and under live in the private rented sector, nearly three times as many as two decades ago. Their parents are likely to spend decades renting privately, unable to build up wealth or save for a deposit. According to the English Housing Survey, nearly half (48 per cent) of private renters have no savings at all.

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If their parents do eventually buy a home, the mortgage is likely to require 30 years of expensive payments. Since parental wealth often determines whether children will ever own a home, those growing up in private rented homes today will find a steeper climb than ever before. And it means people aged under 50 believe not only that they are worse off than the previous generation, but that their children will be worse off than they are currently.

Labour must get on the front foot and make a positive and progressive case for home ownership. Over the next few years, both Reform and the Green Party will probably oppose housebuilding to win the votes of loud, local campaigners. They will likely say any new homes aren’t for ‘people like you or your children’. And, because homeownership seems such a distant prospect, many people will believe them – undermining strong existing public support for more housebuilding.

Labour must show that homeownership is a realistic prospect, as an antidote to Reform and Green NIMBYism and the sense that Britain is broken. It will be a difficult task. It requires more homes to be built, and to do so the government will need to go further than their planning reforms, important though those are. 

Voters must believe that new homes being built are for them and their children, that building more homes will help those locked out of homeownership, and that they will help future generations have a secure roof over their heads.

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As we head towards the second half of this parliament, the government should develop long-term, progressive solutions to support the next generation into the security of homeownership. Crucially, they must ensure that children without wealthy parents have a fair opportunity to own a home. 

For example, they could consider a new version of Child Trust Funds for housing. These could be universal, with the government contributing a lump sum at birth – as they did under the last Labour government. The government could then encourage additional contributions and perhaps match them for children whose parents lack personal wealth or who do not own a home. The value of any Child Trust Fund would grow as it is invested. 

Over 18 years, the result would be a significant headstart to securing a deposit for children who cannot rely on parental wealth. It wouldn’t go all the way, but it could put homeownership within reach. And parents will get the satisfaction of knowing that their children will have a better chance of security than they did.

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The declining rate of homeownership is reshaping our politics. It is creating significant frustration, insecurity and anger directed against the government. Opposition parties will capitalise on this. 

In response, the government must give people real hope and develop policies that provide the security of homeownership. That is how they can show Britain is working again for millions of people. 

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