July 1st 2024.
As the 2024 General Election approaches, the issue of housing has become a major focus for all the main political parties. With high mortgage rates and increasing rent prices, voters are paying close attention to each party's policies in this area. According to a recent YouGov poll, one in ten voters consider housing to be the most important issue influencing their decision, while many others rank it highly alongside other concerns such as the cost of living.
So, what are the main parties promising when it comes to housing? Let's take a look at their manifestos. The Conservative Party, who launched their manifesto on June 11, has pledged to help more first-time buyers get onto the property ladder. They plan to do this by reintroducing a "new and improved" version of the Help to Buy scheme, which was previously in place from 2013 to 2023. This scheme will provide government contributions towards equity loans, allowing buyers to purchase a new-build property with a 5% deposit and enjoy up to five years interest-free.
In addition, the Conservatives have promised to build more homes in the right places, with a goal of delivering 1.6 million homes in England by using brownfield areas, urban regeneration schemes, and renewing the Affordable Homes Programme. They have also committed to abolishing stamp duty on properties up to £425,000 and capping ground rent for leaseholders at £250.
Meanwhile, the Labour Party, who announced their manifesto on June 13, has set a goal of building 1.5 million new homes over the next parliament. To achieve this, they plan to "bulldoze" restrictive planning rules and give councils more power to force developers to include affordable and social housing in their projects. They also intend to reverse the government's decision to scrap house-building targets and prioritize brownfield land and "grey belt" land for development.
In addition, Labour plans to increase the stock of social homes and make changes to the Affordable Homes Programme to deliver more homes using existing funding. They have also promised to bring back local housing targets and ensure that 40% of homes built are affordable. Furthermore, they have proposed a mortgage guarantee scheme to help people who are struggling to save for a home that is currently out of reach.
It is clear that housing is a significant issue in this election, and each party has their own approach to addressing it. As voters consider their options, they can stay informed by following the latest news in our daily live blog, signing up for our free weekly newsletter, and joining us on social media platforms like WhatsApp and TikTok. Whichever party wins the election, it is clear that they will be facing high expectations and scrutiny when it comes to tackling the housing crisis.
As the 2024 General Election approaches, housing policy is at the forefront of many voters' minds. With high mortgage rates and increasing rent prices, it's no surprise that one in ten voters have cited housing as the main issue that will influence their decision. The major parties have all laid out their stances on this crucial issue, with the Conservatives, Labour, and Liberal Democrats each proposing different solutions.
The Conservatives have promised to aid first-time buyers in their pursuit of homeownership, while Labour is focused on building more homes, including council housing. The Liberal Democrats are aiming to tackle homelessness. With so much at stake, it's important to stay informed on the latest election news, which you can do by following our daily live blog.
The Conservative Party's manifesto includes several key policies related to housing. One of their main pledges is to reintroduce a revamped version of the Help to Buy scheme, which was previously in place from 2013 to 2023. This program provides government contributions towards equity loans, making it easier for buyers to enter the property market. The new and improved Help to Buy will allow buyers to take out an equity loan of up to 20% of the price of a new-build property and only require a 5% deposit.
In addition to this, the Conservatives have committed to building more homes in strategic locations, regenerating urban areas, and renewing the Affordable Homes Programme. They have also promised to abolish stamp duty on properties up to £425,000 and cap ground rent for leaseholders at £250.
Meanwhile, the Labour Party has pledged to build 1.5 million new homes over the next parliament. To achieve this goal, they plan to remove restrictive planning rules and give local authorities more power to force developers to include affordable and social housing in their projects. They also intend to protect the green belt while building new homes, and create a task force to identify suitable locations for development.
Labour has also promised to increase the supply of affordable homes by building new ones and making changes to the Affordable Homes Programme. They have set a target for 40% of homes to be affordable and plan to bring back local housing targets.
Both parties have also proposed measures to help renters, with the Conservative Party aiming to pass a Renters Reform Bill and Labour vowing to reverse the decision to scrap government house-building targets. With the election fast approaching, it's crucial to stay informed on each party's housing policies and how they could impact you. We will continue to provide unbiased coverage of the latest developments, so be sure to follow us on our various platforms for easy-to-read breakdowns and expert analysis.
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