What does the new Labour Government mean for the property market? ❎
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So, we have a new Government with a significant majority... The Labour manifesto gives an indication of strict targets for delivery of new homes, reform of the Private Rented Sector (PRS) and long-term schemes to help First-time Buyers on to the housing ladder.
To read the full article from Propertymark, click here.
For now, here's what we can expect from the new Labour Government 🟥
Homebuying
🔸 Starmer is aspiring to reach an ownership rate of 70%, and committed to delivering the biggest boost in affordable and social housing for a generation
🔸 Speed up planning to hit target of 1.5m homes, making use of disused ‘grey belt’ land, and reintroducing compulsory local housing targets
🔸 Accelerating planning will help Government address the country's housing crisis promptly
🔸 Labour wants to return social housing to the second largest form of tenure in the UK
🔸 Labour plans to make it easier for First-time Buyers (FTBs) to obtain mortgages by launching a permanent Freedom to Buy Mortgage Guarantee Scheme targeted at helping people who struggle to save a large deposit
🔸 Local people will also be given priority on the sale of new developments
🔸Labour believes their plans will help 80,000 people onto the housing ladder over the next five years
🔸For existing homeowners, lenders will be required to allow borrowers to switch to interest-only mortgage payments for a temporary period or lengthen the term of their mortgage period, and to reverse any support measures when the borrower requests
🔸Mortgage companies must also wait 6 months before initiating repossession proceedings if a homeowner falls into arrears
Private Rented Sector
🔸White Paper expected within 100 days of taking office
🔸Removal of Section 21, include right to have pets, the right to alter a rented home, rent arrears becoming a discretionary ground, and a national register of Landlords
🔸 Plus: a right to request speedy repairs, a 4-month notice period for Landlords, and making deposits portable between Tenancies, plus a legally binding Decent Homes Standard which we’d expect to include Awaab’s Law (requiring private Landlords to act to eradicate mould and household hazards within a strict time frame)
🔸 Labour also aims to make longer-term Tenancies the norm, licensing for Letting Agents and a new code of practice be a central part of any new Bill
Leasehold properties
🔸Enact Law Commission proposals on Leasehold enfranchisement, Right-to-Manage and Commonhold, taking further steps to ban new leasehold flats and ensure commonhold becomes the default tenure
Commercial properties
🔸 Labour wants to give councils powers to take over empty shops and re-open them without consent from the property's owners
Energy Efficiency
🔸 The Warm Homes Plan would invest up to £6bn every year for ten years to give families the grants and loans they need to upgrade the energy efficiency of their homes, cutting energy bills and cutting emissions
📰 Budget and fiscal updates may not come until September, we will keep you posted with developments as always 📰
📩 Full article from Propertymark can be read here 📩
If you have any questions about how the change in Government may affect your sale, purchase, Tenancy or rental property - email Scott and he'll be able to direct you to the right person (scott.sneath@cavendishproperty.co.uk) 👍
📸 Scott Sneath, Director of Finance and Operations at Cavendish Residential 📸
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