June 14th 2024.
With only a few weeks left until the 2024 General Election, all major political parties, except for Reform UK, have released their manifestos. One thing is clear: housing remains a critical issue. As mortgage rates continue to soar and rent prices across the country skyrocket, discussions about housing policy have been at the forefront of the political battle.
Upon first glance, it is evident that the main parties have different approaches to addressing the housing crisis. The Conservative Party's focus lies in assisting first-time buyers in purchasing their first home. On the other hand, Labour's priority is to build more homes, including council housing, and the Liberal Democrats aim to alleviate homelessness.
According to a recent YouGov poll, the cost of living is the primary concern for UK voters. However, a significant portion (10%) stated that housing policy will heavily influence their vote. With this in mind, let's take a closer look at how each party is tackling the issue of housing in their respective manifestos.
Conservative Party's Policies on Housing
On June 11th, Chancellor Rishi Sunak launched the Conservative Party's manifesto, sparking discussions about their housing policies. One of the most notable announcements was the return of an old scheme, Help to Buy. First introduced in 2013 by former Tory Chancellor George Osborne, the scheme aims to assist buyers struggling to enter the property market by offering government contributions. According to government data, the scheme has helped over 387,000 properties to be purchased, with 328,000 being first-time buyers.
Under the new and improved Help to Buy scheme, eligible first-time buyers can receive an equity loan of up to 20% of the property's price. Additionally, they will only need a 5% deposit and can enjoy five years of interest-free payments.
The Conservative Party has also pledged to build more homes in the right locations. By abolishing the legacy EU ‘nutrient neutrality’ rules, they aim to build 100,000 new homes through local consent laws. They also plan to utilize brownfield areas in urban regions and regenerate sites like Euston, Old Oak Common, and Thamesmead to deliver a record number of homes. Furthermore, they will support new urban regeneration schemes in cities such as Leeds, Liverpool, and York, and renew the Affordable Homes Programme to improve existing housing estates.
In a bold move, the Conservative manifesto also promises to abolish stamp duty (the land tax paid when purchasing properties over a certain value) on properties up to £425,000. They have also committed to capping ground rent at £250 for leaseholders, gradually reducing it to peppercorn rates.
Renters Reform Bill
In an effort to appeal to renters as well as homeowners, the Conservative Party has promised to pass a Renters Reform Bill that would abolish Section 21 eviction notices.
Labour Party's Policies on Housing
According to a recent YouGov poll, Labour is leading by over 20 points. Their manifesto, announced on June 13th, includes plans to help "people saving every penny for a home that's out of reach." This statement was accompanied by the testimony of a father who currently shares a one-bedroom flat with his wife and two children due to the inability to afford their own home.
Labour has pledged to build 1.5 million new homes over the next parliament and will update the National Policy Planning Framework immediately to restore mandatory housing targets. They also aim to involve communities in shaping housing in their local areas and prioritize previously used brownfield land. Local authorities will be empowered to plan for housing growth, with a focus on protecting the green belt.
Creating More Affordable Homes
Labour has committed to increasing the stock of social homes by building new ones and making changes to the Affordable Homes Programme to deliver more homes using existing funding. During a campaign event in Leeds, Deputy Leader Angela Rayner stated that 40% of homes built must be affordable. They also plan to create a task force that will make recommendations for locations within six months and have a list of projects within a year if they win the General Election. The party claims that 1.5 million homes will be built during their term.
Mortgage Guarantee Scheme
Ensuring that first-time buyers can enter the housing market is a priority for Labour. Their manifesto promises a permanent, comprehensive mortgage guarantee scheme to support those who struggle to save for a large deposit, resulting in lower mortgage costs.
Section 21 and Renter Rights
Similar to the Conservative Party, Labour's manifesto pledges to immediately scrap Section 21 no-fault evictions. They also plan to give renters new powers to challenge unreasonable rent increases and extend Awaab's Law to private sector renters, making it mandatory for landlords to address health hazards.
Liberal Democrats' Policies on Housing
The Liberal Democrats' manifesto also addresses the housing crisis, with a focus on alleviating homelessness. Their plan includes building 300,000 new homes per year, with half of them being social homes. They also aim to introduce a new Rent to Own model, where rent payments contribute towards owning the property over time.
Additionally, the Liberal Democrats plan to increase council tax by 1% for properties worth over £2 million and use the funds to provide more affordable homes. They also pledge to end rough sleeping by 2024 and ensure that no one spends more than six months in temporary accommodation.
In conclusion, while the main parties have different strategies for addressing the housing crisis, it is evident that it is a crucial issue for voters in the upcoming General Election. Whether it's helping first-time buyers, building more homes, or tackling homelessness, each party has prioritized housing in their manifestos. It will ultimately be up to the voters to decide which approach they believe will have the most significant impact.
With the election just a matter of weeks away, all the main political parties, except for Reform UK, have released their manifestos. It's clear to see that one topic that remains at the forefront is housing. As mortgage rates continue to rise and rents skyrocket, discussions about housing policies have been a hot topic on the campaign trail. The latest YouGov poll shows that while the cost of living is still the biggest concern for UK voters, 10% of those polled said that housing policies will heavily influence their vote. With that in mind, let's take a closer look at how each of the main parties is approaching housing and what their manifestos have promised.
First up, we have the Conservative Party, whose manifesto was launched on June 11th by Rishi Sunak. One of the most talked-about policies in their manifesto is the return of Help To Buy, a scheme first introduced by former Tory Chancellor George Osborne in 2013. This equity loan scheme was designed to assist first-time buyers struggling to get onto the property ladder, and government data shows that it helped over 387,000 properties to be purchased between 2013 and 2023. The new and improved version of Help To Buy will allow eligible first-time buyers to take out an equity loan of up to 20% of the property's price. Additionally, they will only need a 5% deposit and will enjoy five years of interest-free payments.
The Conservatives have also pledged to build more homes in the right places, with a target of delivering 1.6 million homes in England. This will be achieved by abolishing the legacy EU ‘nutrient neutrality’ rules and building on brownfield sites, urban areas, and regeneration projects. They also plan to renew the Affordable Homes Programme and abolish stamp duty on properties valued up to £425,000. The party has also promised to cap ground rent at £250 and plans to pass a Renters Reform Bill to protect tenants' rights.
Next, we have the Labour Party, whose manifesto was announced on June 13th by Deputy Leader Angela Rayner. They have committed to building 1.5 million new homes in the next parliament, using a brownfield-first approach and empowering local communities to shape housing in their areas. They also plan on protecting the green belt while building new homes. Additionally, they promise to add to the stock of social homes and make changes to the Affordable Homes Programme to deliver more homes. Labour also plans to introduce a mortgage guarantee scheme to assist first-time buyers who struggle to save for a deposit.
In terms of renter rights, Labour plans to scrap Section 21 no-fault evictions and give renters more power to challenge unreasonable rent increases. They also want to extend Awaab’s Law to the private sector, which would require landlords to fix health hazards. On top of all this, the party plans to reinstate local housing targets and ensure that 40% of new homes are affordable.
Last but not least, we have the Liberal Democrats, whose manifesto also includes policies to address the housing crisis. They aim to build at least 100,000 affordable homes a year, with a focus on social housing. They plan to scrap the controversial bedroom tax and introduce longer tenancies with an inflation-linked annual rent increase. Additionally, they want to end the sale of council homes and introduce a Rent to Own scheme, where rent payments go towards buying a property. They also aim to improve the rights of renters and protect them from retaliatory evictions.
In conclusion, the housing crisis is a significant issue for all main political parties in the upcoming election, and each has their own approach to tackling it. Whether it's through building more homes, implementing new policies, or protecting renters' rights, the manifestos show a commitment to addressing this pressing issue. As voters, it's important to consider each party's stance on housing and how it aligns with our own priorities.
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