UK Election: The Housing Manifestos

The UK election is now less than 3 weeks away, things are getting heated and our news feeds are full of all the political parties promises and plans for the future. To cut to the chase on what they’re all planning for the UK housing market, Managing Director, Steve Olejnik, has put together a quick guide of the Conservative, Labour and Liberal Democrat housing policies…

Here’s what the top 3 are pledging; no fluff, just facts.

Conservative Key Housing Policies

  • Build a million homes in the next five years, aiming for 300,000 new houses a year by the mid-2020s
  • A new mortgage with long-term fixed rates only requiring a 5% deposit to help renters buy their first homes
  • Right to shared ownership for housing association tenants in new houses
  • Future Homes Standard to be introduced aimed at improving energy efficiency
  • New regulatory regimes for building safety and construction
  • Raise stamp duty for people from overseas buying property in the UK to 3%

Labour Key Housing Policies

  • £75bn for 100,000 new council homes a year by 2024 and 50,000 affordable homes a year through Housing Associations
  • 100,000 discounted homes for first-time buyers
  • Improve standards, security and affordability for renters, with controls on rents and an end to "no-fault" evictions
  • End rough sleeping within five years, make 8,000 homes available for those with a history of rough sleeping and introduce a £100m plan for emergency winter accommodation

Liberal Democrat Key Housing Policies

  • Build 300,000 new homes a year by 2024, including 100,000 homes for social rent
  • Help young people get into the rental market with government-backed tenancy deposit loans for all first-time renters under 30
  • £15bn over the next Parliament to retrofit insulation in 26 million homes
  • End rough sleeping within five years
  • Allow local authorities to increase council tax by up to 500% where homes are being bought as second homes

If you’re not planning on voting for either of the 3 main parties, here’s what the Independent Group for Change, The Green Party and UKIP are planning when it comes to housing policies…

Independent Group for Change Key Housing Policies

  • Partnerships between the public and private sectors to deliver large-scale affordable housing in areas of high demand
  • Scale back business and agricultural property relief to generate revenues for social housing

Green Party Key Housing Policies

  • 100,000 new zero-carbon homes for social rent each year
  • Scrap the Help to Buy and Right to buy programmes
  • Reform land taxes so that the burden is switched to large landowners
  • Nationwide insulation programme, covering every UK home that needs it by 2030, with 10 million homes to reach the top energy rating within 10 years

UKIP Key Housing Policies

  • Five-year residency qualification for any non-UK buyers of residential property in designated areas in England
  • Encourage the building of modular housing, made by UK companies
  • Abolish stamp duty
  • Social housing for UK citizens only

The manifestoes above are correct as at 22nd November 2019. 

Sources: The Times Red Box, Mortgage Strategy, Financial Reporter, BBC News

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NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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