Boris Johnson’s commitment to “turn generation rent into generation buy” through a significant increase in low-deposit mortgages for first-time buyers has been welcomed by NAEA Propertymark.

The prime minister told the Conservative conference yesterday that the government would look to create significantly more owner-occupiers through a range of long-term fixed-rate 95% loan-to-value mortgage products.

There has been a sharp decline in low-deposit mortgage deals, with Moneyfacts reporting that there was a 93% fall in the number of mortgage of deals worth at least 90% of a property’s value in September, when compared with the corresponding month last year.

But the PM’s change in tone by promoting a generation of renters to become a generation of buyers is good news as far as Mark Hayward, chief executive of NAEA Propertymark is concerned.

He commented: “We encourage lenders to come on board and support this initiative to enable first-time buyers to enter the property market by future proofing the financial burden many face.

“We want to see intent become action quickly so that first-time buyers can make the most of the current stamp duty holiday and continue to stimulate the housing market.”