“Election 2024: What’s at Stake for the Future of Housing?”
With the election looming, the manifestos have been published, the TV schedules are awash with political broadcasts and party debates and the campaign trails are well and truly being trod.
With so many pledges and promises we take a look at what each party has pledged to support the housing industry..
New Homes:
Conservative – They pledge to “Deliver 1.6 million homes in England in the next Parliament.”
Labour – Plans to deliver 1.5million homes – “Labour will get Britain building again, creating jobs across England, with 1.5 million new homes over the next parliament”
Liberal Democrats – Plans to build 380,000 homes a year, that includes 150,000 social homes that are cheaper to live in. New homes would be delivered through new garden cities, community-led developments and by expanding neighbourhood planning.
Social Housing
Conservative – Pledge to revamp the Affordable Homes Programme (AHP) to encompass homes of all tenures, with a focus on regenerating and enhancing housing estates.
Labour – Labour pledge they will achieve the largest increase in social and affordable housebuilding in a generation. They state they will enhance planning obligations to ensure that new developments include more affordable homes, adjust the Affordable Homes Programme to maximise home delivery within current funding, and assist councils and housing associations in boosting their capacity to contribute more to affordable housing supply. Labour will focus on constructing new social rented homes and safeguarding existing stock by reassessing the elevated right-to-buy discounts introduced in 2012 and strengthening protections for newly constructed social housing.
Liberal Democrats – Plans to build 150,000 social homes that are cheaper to live in, as well as giving councils power to end the Right to Buy in their areas, the Liberal Democrats would introduce a new ‘rent to own’ model for social housing where rent payments give tenants an increasing stake in the property, owning it outright after 30 years.
First Time Buyers
Conservative – Steps will be made to support new and first time buyers to allow more people to get onto the property ladder…these steps include:
- Removing stamp duty for first time buyers
- A new and improved Help to Buy scheme
Labour – To introduce permanent mortgage guarantee scheme to help first-time buyers – Labour pledge they will collaborate with local authorities to prioritise first-time buyers for home purchases, putting an end to the practice where entire developments are sold to international investors before construction begins. Additionally, they will establish a permanent and inclusive mortgage guarantee scheme to assist first-time buyers who face challenges in saving for substantial deposits, thereby reducing mortgage costs.
Liberal Democrats – Implement a Rent to Own model where social tenants gradually gain ownership through rent payments over a 30-year period.
Renters
Conservative – They pledge to:
- Pass a Renters Reform Bill that will deliver fairness in the rental market for landlords and renters alike.
- To further support homeowners, we will introduce a two-year temporary Capital Gains Tax relief for landlords who sell to their existing tenants.
Labour – Labour has pledged to improve conditions for Britain’s renters, asserting they will be “better off under Labour.” However, campaigners are calling for more details on their plans.
The party promises to implement an immediate ban on no-fault evictions, halt rental bidding wars, and eliminate “massive” up-front payments, aiming to provide renters with greater security if they come to power.
Liberal Democrats – To allow renters to have more rights and a fairer deal, plans to implement a Rent to Own model where social tenants gradually gain ownership through rent payments over a 30-year period.
Click below to read the parties manifestos in full:
Liberal Democrat Manifesto 2024
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