A former housing minister has voiced support for the government’s recent initiative aimed at assisting first-time homebuyers under the age of 35, challenging critiques that focus on supply-side reforms as the key to addressing housing affordability. Lord Young of Cookham, who served as housing minister from 1990 to 1994, argued that the primary obstacle is a lack of effective demand rather than insufficient housing supply.

In a recent response to an editorial criticizing the government’s scheme, Lord Young pointed out that there are currently 1.4 million homes that have already received planning consent but have yet to be constructed. He contended that builders are unwilling to proceed with development without buyers in place, suggesting that demand-side support is necessary to stimulate housing market activity.

Lord Young also defended the previous Help to Buy program, which some critics have labeled taxpayers’ money subsidizing property purchases. Citing government data, he noted that the Help to Buy scheme actually generated a £1.7 billion profit for the public purse. He described this as evidence that demand-side interventions can be both effective and financially responsible.

The housing minister emphasized the importance of the government’s recently introduced measure, which targets younger buyers often still living with family and struggling to enter the housing market. He welcomed the policy as a timely response to the challenges faced by many under-35s seeking to establish independent homes.

Debate continues over the most effective means to tackle the country’s housing issues, with some advocates pressing for increased construction and easing of planning regulations, while others, like Lord Young, highlight the need to boost consumer demand to unlock existing development potential. The government’s approach seeks to balance support for homebuyers with efforts to eventually bring more housing stock to market.