The report closes by emphasizing that while bold ideas like appointing a Housing Tsar may seem radical, they are essential for navigating the housing market’s complexities. With housing availability and affordability at crisis levels, the UK requires a coordinated, ongoing effort. The Tsar would be instrumental in unifying the efforts of the government, private sector, and civil society to finally build a housing policy that works for all. 

YBS also uses the report to promote its £5,000 deposit mortgage offering first homeowners a way on to the housing ladder – it isn’t available, however, for flats or new-builds.

The report in a nutshell: 

  • Appointment of a Housing Tsar:

    • A dedicated government figure to oversee housing strategy and elevate housing issues to the top of the political agenda, ensuring consistent attention and action. 

  • Independent house-building oversight:

    • Creation of an independent body, similar to the Climate Change Committee, to monitor house-building targets and ensure the planning process is fit for purpose.

  • Holistic planning reform:

    • Ensure planning reforms consider demographic changes, multi-generational living, and new working patterns. This includes better utilisation of brownfield and greyfield sites.

  • Fit-for-purpose housing strategy:

    • Develop a long-term housing plan that transcends party politics and addresses the needs of various population segments (e.g., downsizers, families, hybrid workers).

  • Targeted support for first-time buyers:

    • Propose a new government scheme similar to Help to Buy, but better targeted to first-time buyers most in need, and applicable to all property types, not just new builds.

  • Support for energy efficiency and green retrofitting:

    • Incentivise first-time buyers and homeowners to retrofit homes for energy efficiency by offering additional financial assistance and green mortgages.

  • Mortgage interest tax relief for responsible landlords:

    • Reinstate mortgage interest tax relief for landlords meeting health, safety, and energy efficiency standards to reduce costs and prevent further rent increases.

  • Expansion of rent-to-buy schemes:

    • Encourage private investment and government incentives to expand rent-to-buy options for first-time buyers, making homeownership more accessible. 

  • Stamp duty incentives for downsizing:

    • Introduce stamp duty waivers for homeowners downsizing, helping release larger homes back into the market and addressing housing shortages.

  • Government support for commercial-to-residential conversions:

    • Provide grants or subsidised loans for converting underutilised commercial properties into residential housing, helping meet housing demand and revitalising urban centres.

  • Coordinated approach for green services:

    • Collaborate between government, lenders, and suppliers to provide better information and access to services for homeowners wanting to improve energy efficiency. 

Yorkshire Building Society, the third largest building society in the UK, is headquartered in Bradford, West Yorkshire. Susan Allen is the current CEO, who took on the role after serving as head of customer transformation at Barclays. She has 25 years of experience in financial services, including senior positions at major UK retail banks.

With over £60 billion in assets as of December 2023, it is part of the Building Societies Association. The society owns the Chelsea and Norwich and Peterborough Building Societies, as well as Accord Mortgages, forming the Yorkshire Building Society Group, which serves three million members and employs 3,300 staff across the UK.



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