With a Labour government now in power, let's take a look into their housing promises and what they could mean for home-movers.

Help for Renters

Labour is set on banning no-fault evictions, providing more security for renters. They also plan to extend ‘Awaab’s Law’ to the private rental sector, which mandates landlords to address reported health hazards promptly. Additionally, Labour aims to empower tenants to challenge unreasonable rent increases.

Building New Homes

Labour has committed to constructing 1.5 million homes over the next five years. This ambitious plan also includes updates to the National Policy Planning Framework, aiming to streamline the process and encourage more development.

Support for First-Time Buyers

Labour hopes to help 80,000 more people get onto the property ladder with a comprehensive mortgage guarantee scheme. They also propose giving local buyers ‘first dibs’ on new developments, aiming to prioritize community members.

Mortgages

The ‘Freedom to Buy’ mortgage guarantee scheme is another of Labour’s pledges, designed to assist first-time buyers with smaller deposits. While not a direct pledge, Labour has expressed a commitment to keeping mortgage rates as low as possible.

Stamp Duty

First-time buyers currently enjoy a stamp duty exemption on homes priced up to £425,000, but this relief is set to end next year. Labour plans to maintain this exemption until March 2025, though there is no commitment to extend it beyond that date.

Greener Homes

Labour plans to ensure all private rental properties achieve an EPC rating of C by 2030, without forcing the removal of old gas boilers. Their national Warm Homes Plan aims to eliminate fuel poverty by 2030, potentially affecting up to 5 million homes.

Other Housing Legislation

Labour intends to reform the leasehold system, making common hold the default tenure for new-build flats and banning new leasehold flats altogether.

My Thoughts…

In one way having the election completed and the government in place brings the end of uncertainty. Which will bring calm to the property market.

I think it’s important that we get a better balance to suit all parts of the market. Labours focus on building more homes is of course welcomed, but there is more that could be done to support buyers in the market. Maybe consider some innovative solutions for deposits and lending criteria. Again, these are ambitious plans, lets see what really happens…