Introduce a Home Ownership Savings Account with tax-relief for first-time buyers, allowing them to save part of their pre-tax income in a ring-fenced account for a home buying deposit. Funds could then be taxed only if withdrawn for non-eligible use.

We think this would support responsible saving and social mobility Many people who work hard and progress into higher earning roles still cannot buy a first home due to factors such as high tax, rising rents and large deposit requirements. We believe home ownership has declined sharply among working professionals, especially those without inherited wealth. A savings account like this could give first-time buyers a fair way to build a deposit, reduce rental pressure and support genuine social mobility.