For many young people in Britain, the idea of buying a house is a mere pipe dream.
Property prices are soaring, and for those having to dish out large proportions of their wages for rental properties, saving up to buy a home is near-impossible.
However, the Government is expected to announce new plans today which could make it easier for first time buyers to get on the property ladder.
According to the Mirror, Tory ministers will on Thursday reveal plans to rip up planning regulations and lower house prices for first-time buyers and key workers by up to 30% in a bid to boost Britain’s housing market
Housing Secretary Robert Jenrick has claimed that this major overhaul of the planning system will speed up the housebuilding process and “cut red tape but not standards”.
Plans for the first time buyers discount, first revealed as part of the budget, are expected to feature in the White Paper.
The government claims this will save buyers tens of thousands of pounds when getting on the property ladder.
New 'First Homes' earmarked for a discount will stay at a low price for all future owners also from the same area too.
Key workers, such as nurses, police officers, firefighters, and teachers, as well as armed forces veterans, will be given priority in this scheme.
However, a pilot will involve only 1,500 First Homes. And once the scheme is up and running, only 25% of affordable homes on a development - rather than 25% of all homes - will need to be First Homes.
Once the 30% discount is applied, there will be a price cap on First Homes of £250,000 across England and £420,000 in London.
Those buying First Homes will be subject to a household income cap of £80,000, or £90,000 in London.
They will mainly only be available to first-time buyers, but there will also be "a list of circumstances under which non-first-time buyers should be eligible". That list is yet to be confirmed.
First Homes will have to be marketed to people with "local connections" for the first three months after going on the market - but after that, the local restrictions will end and other people can buy them.
But once the original buyer sells up, they won't be able to make a fat profit, the government claims.
There will be a "restrictive covenant against the title of the property to ensure that relevant restrictions, including the original level of discount, are passed on to future purchasers."
A consultation on the plans is ongoing.
Mr Jenrick said it takes seven years to agree local housing plans and five years just to get a spade in the ground, and the proposed changes aim to speed up the process.
He added: "These once-in-a-generation reforms will lay the foundations for a brighter future, providing more homes for young people and creating better quality neighbourhoods and homes across the country.
"We will cut red tape, but not standards, placing a higher regard on quality, design and the environment than ever before. Planning decisions will be simple and transparent, with local democracy at the heart of the process.
"As we face the economic effects of the pandemic, now is the time for decisive action and a clear plan for jobs and growth. Our reforms will create thousands of jobs, lessen the dominance of big builders in the system, providing a major boost for small building companies across the country."