The cross-party committee will examine how the government supports first-time buyers through reliefs such as stamp duty exemptions and financial products like special ISAs and mortgages.
It will look at how these can be improved to help people get on the housing ladder.
It will also potentially examine the announcements made by Chancellor Rachel Reeves, such as the permanent mortgage guarantee scheme and a review of proposed Financial Conduct Authority (FCA) lending rules, such as considering rental payments in affordability tests.
The inquiry will cover homeownership in England.
Further, the committee will assess schemes such as the Affordable Homes Programme and shared ownership, considering whether they provide genuinely affordable routes to homeowners.
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The committee will also potentially examine proposed changes to the Right to Buy scheme.
Florence Eshalomi, chair of the HCLG Committee said: “Decades of failure to build anything like the homes we need means that far too many people stand no chance of making the first step on the housing ladder. If you don’t own your own home, and can’t turn to your family for help, how can you be expected to save up for a mortgage when more and more of your income is going on rent?
“Ultimately, it’s crucial that more homes are built, and that the government deliver on its 1.5 million new homes target in this Parliament. But, when the prospect of owning a home is so slim for too many people, it is important that we examine the routes to affordable homeownership and how the government could help foster better support for first-time buyers.”
