UK's Johnson promises lower deposits to boost home ownership

British Prime Minister Boris Johnson said on Tuesday his government would reduce deposit sizes for home buyers as part of a drive to increase the rates of home ownership, especially among the under-40s.

"We need to unleash the urge not just to build but to own. We need to fix our broken housing market," Johnson said during a speech to the Conservative Party's annual conference.

"For most people it is still true the overwhelming instinct is to buy, and many of them simply can't, not because they can't afford the mortgage but because they can't afford the deposit," he said.