Why Keir Starmer should set up an independent commission to tackle nation's housing woes: Ben Merritt

A collective effort is needed now to ensure a housing infrastructure fit for the needs of today’s – and tomorrow’s – society, characterised by more flexible working, longer life expectancy and intergenerational living.

In October 2024, we took our policy paper – Home Improvements, building an integrated strategy for UK housing, to Parliament, with an event involving more than 50 industry ‘influencers’. The central debate demonstrated a growing recognition that the housing market needs a strategic focus it has not had thus far, for the benefit of existing and aspiring homeowners, and renters.

With no shortage of ideas, we witnessed a clear, collective sense of what needs to be done - but making it happen will require radical action.

There were high hopes October’s Budget might contain solutions from the Government, particularly for the first-time buyers who not only deserve a shot at homeownership, but play a vital role in the housing market at large.

Yet, what we saw was a hike in taxes for those buying a new home, with properties worth over £300,000 to be brought into the Stamp Duty net from 1 April – meaning buying a home will cost more.

Prompted by our research which highlighted just how tough things have become – with 78% of first- time buyers saying homeownership is becoming an elite privilege – our paper calls for a joined-up industry effort to enable more people to own a place to call home, in line with the core purpose of why building societies were founded.

In September, we revealed that almost two-thirds (58 per cent) of would-be first-time buyers aged 35 to 54 and 21 per cent of 18 to 34-year-olds are in danger of giving up on homeownership; while the lifetime wealth gap faced by those forced to rent for life, could be as big as £2.6 million.

While the ‘new’ Government has plenty of other things to fix within the UK economy, the importance of access to appropriate housing, whatever someone’s personal needs, shouldn’t be underestimated.

The need to establish a strategic housing plan for the United Kingdom, supported by sustainable financing, has been kicked down the road many times, exacerbated by a string of short-lived ministerial tenures.

However, that fundamental right to a place to call home is a guiding principle for Yorkshire Building Society, because we understand why it matters.

Buying a house is not just about bricks and mortar – it’s what that represents: a solid starting point for life’s plans and future aspirations, and a legacy for ongoing generations. For those who can’t afford, or don’t want, the responsibility of owning, it’s about having somewhere decent to live.

We have a responsibility to be a change-maker, raising awareness, proposing solutions and taking steps ourselves through innovations like our £5k Deposit Mortgage which addresses the biggest barrier to buying a first home – raising a big enough deposit.

But we are only one voice and building a brighter future for UK housing will take a combined industry effort, the likes of which we haven’t seen before.

Ben Merritt is director of mortgages for Yorkshire Building Society