The Government was reportedly considering “99pc mortgages” before Jeremy Hunt’s Spring Budget, but the policy was dropped and no other support for first-time buyers was introduced.
Despite this, first-time buyers have bought a record 50pc of homes sold in London this year, spending £108,710 less than in 2020, when mortgages were cheaper, estate agency Hamptons said.
The 64-year-old property presenter also questioned why Britain is “obsessed” with ownership, pointing to France and Germany as places where renting is the norm.
In Germany, 50.9pc of residents are tenants, compared to the European Union average of 30.1pc, according to statistics from the European Commission.
Mr McCloud said that housing had been “weaponised” by Margaret Thatcher’s government, adding: “As a result, people look at housing simply as a means to make money”.
The television presenter, who was speaking ahead of Grand Designs Live, which is being held at the London EXcel in May, said that the profits of developers had increased tenfold, and that companies were focused on profits, rather than meeting Government targets.
