31st May 2017

Election 2017 - Labour vs Conservative

As usual, the general election is looking to be a two horse race and because you’re reading this part of the newspaper, the chances are, you’re interested in property. So what are the key policies when it comes to housing for both Labour and Conservative?

Below I have summarised what each party has declared in their manifesto. Both parties are committed to increase housing and both with targets set to achieve by 2020. The Help to Buy scheme for the Conservatives has proofed a great success whilst Labours proposed changes to the term of rental agreements with bring better stability for both renters and landlords.

Labour Conservative
• Ensure at least 200,000 new homes a year are built by 2020 with first priority for local first time buyers. • Help to keep mortgage rates lower by continuing to work a long-term economic plan.
• Provide security for renters by guaranteeing three-year tenancies instead of the usual 6 to 12 months with a ceiling on excessive rent rises. • Build more homes that people can afford, including 200,000 new starter homes exclusively for first-time buyers.
• Abolish the bedroom tax. • Extend Help to Buy equity loan scheme to 2020 to help more people onto and up the housing ladder and cover another 120,000 homes
• Give local authorities ‘use it or lose it’ powers over developers who would otherwise hoard land with planning permission so that they can sell it on for a bigger profit, instead of building on it now. • Give more people the chance to own their home by extending the Right to Buy to tenants of housing associations and create a brownfield fund to unlock homes on brownfield land.
• Deliver a new generation of New Towns and Garden Cities and give a new ‘right to grow’ to communities who want to expand but are blocked by neighbouring local authorities. • Ensure local people have more control over planning and protect Green Belt.
• Tackle empty homes by giving councils more power to charge higher rates of council tax in empty properties and ensure new homes are advertised in the UK first, not overseas. • Introduce a new Help to Buy ISA to support people saving up for a deposit for their first home.
• Build 200.000 quality starter homes over the course of the next parliament, reserved for First-Time Buyers under 40 and sold at 20 per cent below the market price.
• Delivering 275,000 additional affordable homes by 2020.

If you would like a downloadable version of this summary you can find it on our website at www.premierfinancialgroup.co.uk

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