Boris Johnson's promise to let first-time buyers get mortgages with just a five per cent deposit could light up the housing market in Northampton.
The PM's scheme to turn ‘generation rent’ into ‘generation buy’ means any property on the market for £100,000 or less could be yours with just a £5k depost.
Mr Johnson told the virtual Tory party conference our 'broken housing market’ needs fixing by helping young people onto the property ladder who cannot afford deposits.
Experts have suggested the plan could cost tens of billions of pounds and even the PM admits reforms will take time.
But he said: "I know many people are happy with renting and the flexibility that it offers. But for most people it is still true that the overwhelming instinct is to buy.
"Many simply can’t – not because they can’t afford the mortgage, but because they can’t afford the deposit, and the disgraceful truth is that levels of owner-occupation for the under 40s have plummeted in this country, and millions of people are forced to pay through the nose to rent a home they cannot truly love or make their own, because they cannot add a knob or a knocker to the front door or in some cases even hang a picture – let alone pass it on to their children.
"We need to give young, first-time buyers the chance to take out a long-term fixed rate mortgage of up to 95 per cent of the value of the home, vastly reducing the size of the deposit, and giving the chance of home ownership – and all the joy and pride that goes with it – to millions that feel excluded.
"We believe that this policy could create two million more owner occupiers, the biggest expansion of home ownership since the 1980s.
"We will help turn generation rent into generation buy. We will fix the long-term problems of this country not by endlessly expanding the state, but by giving power back to people – the fundamental life-affirming power of home ownership, the power to decide what colour to paint your own front door."
With that in mind, we tracked down ten front doors for sale in the county according to Right Move, all for less than £100,000.
1.
Henderson Connellan are asking for offers in excess of £85,000 for this one bedroom, second-floor flat in Eskdaill Place, Kettering.
2.
This one-bedroom, ground floor apartment in Cyril Street, Northampton, is on the market for £85,000 with Belvoir Estate Agents of Hunsbury
3.
Part of what used to be the popular Oakley Arms in Rushden, this one bedroom ground-floor maisonette has a £90,000 price tag at Richard James Estate Agents
4.
This one has views across Northampton from the balcony of a one bedroom apartment in Upper Cross Street, Northampton. William H Brown are asking for offers over £90,000