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The Future for the UK Housing Market Post General Election

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We’re all aware that things will be changing after the general election this Thursday, but do we actually know the ins and outs of each party’s plans for the UK housing market moving forward?

The current housing system in the UK is broken with homelessness being doubled and 120,000 children not having a home. Here’s some insight into how each party plans to improve the current housing crisis should they win the general election…

CONSERVATIVE

  • Build a million homes in the next five years, aiming to build 300,000 new houses per year. The time frame for this is to be up and running by the mid-2020’s
  • Create a new mortgage that only requires a 5% deposit to help first time buyers and long-term fixed rates.
  • Rise stamp duty by 3% for foreigners buying properties in England. They hope to gain £120million to tackle rough sleeping in the UK.
  • Introduce a single “lifetime” deposit which moves with tenants and abolish the “no fault” evictions.

LABOUR

  • Upgrade almost all of the UK’s 27 million homes to high energy-efficiency standards by 2030
  • £75billion to be spent on 100,000 new council houses and 50,000 affordable homes a year through Housing Associations by 2024
  • Abolish right to buy and give councils money and power to buy back former council homes
  • End rough sleeping all together within five years of winning the election
  • Cap the increase of rent and stop “no fault” evictions

LIBERAL DEMOCRATS

  • Build 300,000 new homes per year (including 100,000 homes for social rent) by 2024
  • Help young people get into the rental market with government-backed tenancy deposit loans for all first-time renters under the age of 30
  • End rough sleeping within 50 years
  • £15billion to be spent over the next parliament to retrofit insulation in 26 million homes
  • Allow the increase of council tax by up to 500% for second homes being bought.

GREEN PARTY

  • Scrap the “Help to Buy” and “Right to buy” programmes
  • 100,000 new zero-carbon homes for social renting each year
  • Reform land taxes to be switched over to large land owners
  • Input a Nationwide insulation programme for every UK home that requires it by 2030. The result of this being 10 million homes to reach the top energy rating within 10 years.

BREXIT PARTY

  • Simplify the planning process for building on brownfield sites
  • Make borrowing money from the central government easier for councils to build council houses

UKIP

  • A five-year residency qualification to be put in place for any non-UK buyers
  • Encourage the building of modular housing by British companies
  • Social housing to be for UK citizens only
  • Abolish stamp duty for UK citizens on their primary residences

INDEPENDENT GROUP FOR CHANGE

  • Generate revenues for social housing by scaling back on business and agricultural property relief
  • Partnerships between the private and public sectors to deliver large-scale affordable housing in high demand areas.

Overall, these plans can only mean a positive outcome for job seekers in the property industry. The more houses being built or refurbished will naturally have a knock-on effect on companies requiring more professionals in the property sector and we can expect to see more jobs in the housing sector over the next coming years.

Looking for a job in the property industry currently? You can find all of our property jobs vacancies here.

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References

  1. BBC.co.uk https://www.bbc.co.uk/news/election-2019-50291676