05 May 2015
Political Parties and their Property Pledges
With the General Election coming up we are being bombarded with manifestos and pledges left, right and centre, but we wanted to look at property in particular.
So, here is a brief breakdown of the pledges being made by some of the different Parties.
Building New Houses
- 200,000 new homes to be built for first-time buyers aged under 40, at 20% discount.
- £1bn brownfield regeneration fund to provide sites for 400,000 homes.
- 200,000 new homes to be built by 2020.
- Prioritise capital investment in housing to build more affordable homes.
- Increase house building to 300,000 new homes a year.
- Build 1 million new houses on brownfield land by 2025.
- Protect the Greenbelt.
- Build 500,000 social rental homes by 2020.
First Time Buyers
- First-time buyers under 40 to get 20% discount on new builds.
- New Help to Buy ISA’s for first-time buyers to help them get a deposit for a house.
- Prioritise local first-time buyers in new housing areas.
- Guarantee three-year tenancy agreements in the private sector.
- Put a “ceiling” on rent increases.
- 30,000 Rent to Own homes a year by 2020.
- Ban landlords from letting out poorly insulated homes.
- Cap rent and introduce 5-year tenancies
- Extend the “Right to Buy” to 1.3 housing association homes in England.
- Remove stamp duty on the first £250,000 of new homes built on brownfield sites.
- Abolish the “Right to Buy” council houses.
Other Property Pledges
- Set in motion at least 10 new Garden Cities.
- Prioritise social housing for people with local connections.
- Bring 350,000 empty homes back into use.
So that’s what the various parties are saying in their manifestos. The emphasis is on helping first-time buyers and creating new homes.
Another major concern relates to the “generation rent “ sector and the fact that people are forced to rent property as they cannot afford to buy. Proposals to cap rent, coupled with longer tenancy agreements, could ease the financial burden of renting a property and offer some comfort to concerned tenants.
There are more pledges by the different parties that you may wish to look at. The BBC has a good manifesto comparison guide to help you make your choice.
If you are looking to buy or sell a house or need any type of legal advice regarding property, please speak to one of our expert Property Solicitors at Slater and Gordon UK. Call us on freephone 0800 916 9083 or contact us online and we will call you.
Slater and Gordon Lawyers are one of the largest law firms in the UK with over 1,450 staff and 18 offices in London, Manchester, Liverpool, Birmingham, Edinburgh, Sheffield, Cardiff, Bristol, Milton Keynes, Merseyside, Halifax, Newcastle, Wakefield, Derby, Cambridge and meeting rooms in Hull, Yorkshire and in Bramhall, Cheshire.
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