This won’t make houses affordable for first time buyers overnight. In the interim landlords will raise their rent to cover costs whilst selling off their higher value low yield properties in order to own the low value high yield (first time buyer territory!) outright. The first time buyer end of the market will end up saturated with landlord ownership, therefore contributing to the lack of low cost housing. Meanwhile those renting in order to save for a deposit will no longer be able to save for said deposit due to the increase in rent to cover the landlords costs……where now….
I’m no expert, just initial thoughts.
Add in “mansion tax” and you’re forcing the wealthy into a ever narrowing price bracket. This affects us all, as I’d suggest most us live or want to live within this (low to mid end) bracket.