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Homeownership rate hits new low; KiwiBuild needed now

The homeownership rate has fallen to just 63.1 per cent, according to Statistics New Zealand’s newly released Dwelling and Household estimates. That’s down three per cent under National to the lowest level since 1951, confirming the need for Labour’s KiwiBuild plan, says Labour’s Housing spokesperson Phil Twyford.

“Eight years of blunders and bumbling from Bill English and Nick Smith have driven the homeownership rate to its lowest level in 66 years.

“Owning your own place is the cornerstone of the Kiwi dream but, under National, it is becoming unachievable for too many of us.

“Young people are no longer able to get on the property ladder; census data shows just a quarter of adults under 40 own their own home.

“We can fix this; the Kiwi dream is not dead.

“It’s time for government to get off the sidelines and start building houses. Labour’s KiwiBuild programme will build 100,000 affordable homes for first homebuyers. That will give young families a real shot at owning their own place, and increase the homeownership rate.

“Labour will help young families into their first homes, just as previous governments did for decades,” says Phil Twyford.