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<p>We accept that our failure for many years not to build enough homes has serious
consequences. House prices have risen faster then incomes; while renters are paying,
on average 50 per cent of their income in rent which makes saving for a deposit all
the more difficult. This means that the dream of home ownership is further away for
younger people today when compared to previous generations.</p><p>This Government
is committed to solving the housing crisis by every means possible. That means taking
action to ensure that we build more homes in this country. We have doubled the housing
budget to almost £20 billion over the next five years, including £8 billion to deliver
over 400,000 affordable homes by 2021.</p><p>We have also taken steps to help people
on the path to home ownership. Our Help to Buy: Equity Loan has helped over 91,000
households to buy a new-build home since the scheme was introduced in 2013. 81 per
cent of these sales have gone to first-time buyers.</p><p>But we recognise the need
to go further. That’s why we launched the £3 billion Home Building Fund that will
help deliver 225,000 badly-needed new homes on sites throughout England. Further measures
will be included in a Housing White Paper later this autumn.</p>
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