With just one day to go until the snap General Election (Thursday 8th June), we’ve taken a look at what each of the main political parties are pledging for the housing market.
If you’ve not yet decided who you’re going to vote for and housing is a particularly important issue to you, reading through these pledges may give you a better idea of who to pick when you head to the polls tomorrow.
It may not be as significant as Brexit or the NHS – the two main talking points of this General Election – but the property market is still likely to be on the minds of many voters when it comes to deciding who to mark your cross next to on the ballot paper.
Tomorrow, the country will decide who they want to lead them through the Brexit process and into a new era. Since the imminent vote was announced by Theresa May in April, the major political parties have been scrambling to put together their manifestos around healthcare, education, the EU and housing.
So, what are they proposing with regard to the property market?
The Conservatives are in a difficult position in terms of property, considering their recent failure to deliver the homes they previously pledged in 2015.
The party’s manifesto has mostly centred on reaffirming its plans to carry out promises from its Housing White Paper, as well as increasing the delivery of new homes. However, the plans to increase the target to 1.5m new homes by the end of 2022 has been criticised by other parties, due to slow progress on its previous goals.
Jeremy Corbyn’s Labour Party has been one of the major critics of the Conservatives’ attempts to build more homes. As a result, it has made its own promises to build one million new homes, as well as 100,000 council and housing association properties, each year until 2022.
The party has also pledged to suspend the Right to Buy scheme, introduce new rent price controls and bring in a new Help to Buy scheme that would be in place until 2027.
Housing has been much less of a focus for the Liberal Democrats in the run-up to this election. However, it has included some commitments in its manifesto. It says it will build 300,000 new homes per year, as well as 30,000 rent-to-own homes each year, between now and 2020.
In addition, it wants to create ten new garden cities and see landlords restricted to letting poorly maintained properties.
The Green Party
The Green Party, somewhat surprisingly, seems to be the only major party that wants to make it harder for the private rental sector to flourish. As well as a commitment to building 100,000 social rental homes every year, the party wants to bring in changes that would mean all landlords have to be licensed and the abolition of all letting agent fees.
It also wants to target young buyers as a way of helping more people get onto the property ladder.
We hope this breakdown gives you a clearer picture of what the major political parties will do with regard to housing.