Introduce a Home Ownership Savings Account with tax relief for first-time buyers
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 Funds could then be taxed only if withdrawn for non-eligible use.
Signatures
26
signatures
Government response threshold (10,000) · 26/10,000
Debate threshold (100,000) · 26/100,000
- 06 JAN 2026Petition opened for signaturesCreated by Dominic Daymond
Background
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.