Last month, pre-Budget, I pondered on what impact the October 30th event would have on…
We are now less than three weeks away from polling opening for the General Election on the 4th July.
It has been a busy period recently with all the major parties launching their manifestos. The housing market plays a major part in those manifestos and there are a number of diverging policies on how the parties are going to tackle some of the key issues we have, particularly in areas such as Leasehold Reform, Home Buying & Selling, Affordable Housing and the Rental Market.
To that end, we’ve produced a brief summary below of what each party has said on housing, and what we might expect from the party that forms the next Government after the Election result is known.
Here’s a summary of the main housing and mortgage market policies from the manifestos of the UK political parties for the 2024 General Election, covering Labour, Conservative, Liberal Democrats, SNP, Green Party, Plaid Cymru, and the Reform Party.
Labour Party
Leasehold Reform
– Abolish leasehold system and replace it with a commonhold system.
– Cap existing ground rents and make it easier for leaseholders to purchase freeholds.
– Ban the sale of new leasehold properties.
Home Buying and Selling
– Streamline conveyancing to make it faster and more efficient.
– Introduce a seller’s pack to provide up-front information and reduce delays.
– Expand support for first-time buyers, including deposit assistance via a new mortgage guarantee scheme.
Affordable Housing
– Build 1.5 million homes over the next decade.
– Increase the supply of social housing and building 300,000 new homes per year.
– Ensure 100,000 affordable homes for first-time buyers through a ‘First Buy’ scheme.
Rental Market
– Implement a national register of landlords.
– Introduce rent controls and longer tenancies to provide security for tenants.
– Ban ‘no-fault’ evictions and improve tenant rights.
Conservative Party
Leasehold Reform
– Reform leasehold laws to make it easier for leaseholders to purchase freeholds.
– Introduce measures to prevent new leasehold houses from being sold.
– Cap ground rents on new long leases at zero financial value.
Home Buying and Selling
– Digitise the conveyancing process to reduce delays and costs.
– Expand the Help to Buy scheme until 2026 to support first-time buyers.
– Simplify planning regulations to increase housing supply.
Affordable Housing
– Build 1 million homes by the end of the next Parliament.
– Focus on increasing supply in areas of high demand and protecting green belt land.
– Expand the Affordable Homes Programme with an emphasis on home ownership.
Rental Market
– Strengthen tenants’ rights with a reformed eviction process.
– Introduce a new ‘Lifetime Deposit’ system to make renting more flexible.
– Crackdown on rogue landlords and improve standards in the private rental sector.
Liberal Democrats
Leasehold Reform
– Abolish the leasehold system and promote commonhold.
– End the practice of ground rents and unfair service charges.
– Support leaseholders in converting to commonhold ownership.
Home Buying and Selling
– Introduce a Housing and Infrastructure Development Bank to fund new homes.
– Promote digital tools to simplify the conveyancing process.
– Extend support for shared ownership schemes.
Affordable Housing
– Build 380,000 new homers per year which would include 150,000 social homes.
– Focus on building sustainable and zero-carbon homes.
– Introduce rent-to-own and shared equity schemes to help people onto the housing ladder.
Rental Market
– Implement a renters’ charter to ensure better standards and security.
– Introduce a Help to Rent scheme with government-backed tenancy deposits.
– Strengthen tenant protections against unfair evictions and rent hikes.
Scottish National Party
Leasehold Reform
– Push for the abolition of leasehold in Scotland.
– Ensure commonhold as the preferred ownership model for new properties.
– Support legislative changes to empower existing leaseholders.
Home Buying and Selling
– Improve transparency and efficiency in the home buying process.
– Introduce a Scottish Housing Guarantee Scheme for first-time buyers.
– Reform the Land and Buildings Transaction Tax to support homebuyers.
Affordable Housing
– Commit to building 100,000 affordable homes by 2030.
– Increase investment in social housing to reduce waiting lists.
– Focus on environmentally sustainable housing projects.
Rental Market
– Implement stronger regulations on rent increases.
– Enhance tenant rights and support longer-term tenancies.
– Introduce measures to protect tenants from unfair evictions.
Green Party
Leasehold Reform
– Abolish leasehold and replace it with a commonhold system.
– Ensure fair treatment of leaseholders in the transition.
– Cap service charges and eliminate exploitative practices.
Home Buying and Selling
– Simplify the buying process and introduce transparent pricing.
– Support local authorities in developing sustainable housing solutions.
– Introduce measures to reduce conveyancing costs.
Affordable Housing
– Commit to building 500,000 social homes by 2030.
– Prioritise zero-carbon homes and retrofitting existing properties.
– Expand community-led housing initiatives and co-operative housing models.
Rental Market
– Introduce rent controls linked to local earnings.
– Strengthen tenant rights and ban no-fault evictions.
– Promote long-term, secure, and affordable tenancies.
Plaid Cymru
Leasehold Reform
– Advocate for the end of leasehold practices in Wales.
– Promote commonhold ownership models.
– Provide support for existing leaseholders to transition.
Home Buying and Selling
– Simplify the conveyancing process with digital solutions.
– Offer grants for first-time buyers and low-income families.
– Encourage the development of affordable housing through local councils.
Affordable Housing
– Commit to building 50,000 affordable homes by 2030.
– Focus on sustainable and eco-friendly housing developments.
– Increase investment in social housing.
Rental Market
– Introduce fair rent controls and stronger tenant protections.
– Enhance regulation of the private rental sector.
– Promote longer-term tenancies and stable housing options.
Reform Party
Leasehold Reform
– Simplify the leasehold to freehold conversion process.
– Reduce excessive ground rents and management fees.
– Support a phased abolition of leasehold.
Home Buying and Selling
– Streamline conveyancing with a focus on reducing bureaucratic delays.
– Provide incentives for first-time buyers, including tax breaks.
– Reform planning laws to increase housing supply and reduce costs.
Affordable Housing
– Encourage private investment in affordable housing projects.
– Focus on reducing regulatory burdens to speed up construction.
– Promote innovative housing solutions, including modular and prefabricated homes.
Rental Market
– Reduce Government intervention in the rental market to encourage investment.
– Support market-driven solutions for housing affordability.
– Introduce voluntary schemes for landlords to improve standards without excessive regulation.
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