Boris Johnson has promised that first-time buyers will be given long-term fixed rate mortgages at up to 95% LTV, as he aims to turn “generation rent into generation buy”.

The Prime Minister told the virtual Conservative Party conference that he hoped the mortgage plans would create two million new homeowners, as part of the “biggest expansion of home ownership” since the 1980s.

Johnson described home ownership levels plummeting among younger people as a “disgraceful truth” and suggested that millions of people are “forced to pay through the nose for a home they can't truly love”.

Commenting on the circumstances of renters across the UK, Johnson said: “We will transform the sclerotic planning system, we will make it faster and easier to build beautiful new homes without destroying the green belt or desecrating our countryside.”

He also said the Conservatives needed to fix the “broken” housing market and help young people who can’t afford the deposit to climb onto the property ladder.

“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,” he said.

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