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What Effect Will The General Election Have On Property?

With the general election taking place this week, housing will be a factor on how many people choose to vote. With this in mind here is a quick bullet list of the main points in the main 3 parties pledges:

Conservatives

  • The conservatives pledge to build 500,000 new homes by 2022 (this comes on top of the million homes they they have promised by 2020).
  • They have also promised to work with councils to build high quality sustainable social housing developments.
  • They have indicated that to protect tenants they will look at how to encourage longer tenancies as standard.
  • A new homeless reduction task force will aim to halve rough sleeping over the course of the parliament .

The full manifesto can be found here.

Labour

  • Labour promise to build over a million news homes and at least 100,000 council or housing association homes a year for affordable rent or sale.
  • They pledge to make 3 year tenancies the norm and cap rent rises to inflation. They will also look at giving the London mayor additional powers.
  • Tenants will also be given additional consumer rights.
  • Labour will suspend the right to buy and only allow sales to continue where proven homes will be replaced.
  • A new national homelessness plan to be set out, starting with 4000 new homes for rough sleepers.

The full manifesto can be found here.

Liberal Democrats

  • The Lib Dems say that they will increase the amount of houses built per year to 300,000, making sure that half a million affordable homes are built by the next parliament
  • Many of these new homes will be built in ‘Garden Cities’ with at least 10 being built in England.
  • They will end the voluntary right to buy.
  • They pledge to introduce a rent to own model where tenants have an increasing stake in the property owning it outright in 30 years.
  • They will help younger people into the rental market with a Help To Rent scheme with government backed tenancy deposit loans for under 30s.
  • Promote longer tenancies of 3 years.
  • They will also scrap the bedroom tax.

The full manifesto can be found here.

Of course what they say now and what really happens are often two different things, there are a few interesting ideas tucked in here, some other points I really cant see how they could make it work.

I am always surprised at the amount of emphasis given to longer tenancies, in my experience if a tenant is paying the rent and looking after the property the landlords really don’t want them to go.

There are big problems with the housing market and in my opinion the biggest is that not enough homes are being built. It’s clear that something drastic needs to change to facilitate the increase in home building which is desperately needed.

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