With the General Election less than a fortnight away, here we summarise what the top five parties have pledged for the property sector in their manifestos, from building, to renting, to taxation. In alphabetical order…
Conservatives
Building:
· Build 1.6million homes a year, in the right places, and whilst protecting the countryside.
· Ensure local authorities deliver local infrastructure to support homes.
· Fast-track planning applications for brownfield sites.
· Unlock urban regeneration schemes.
· Support smaller, local builders.
· Renew the Affordable Homes Programme, to deliver homes of all tenures, and with focus on regeneration and improvement.
· Support self-builds by simplifying the planning process.
· Encourage different forms of housing, particularly for older people.
Buying:
· Abolish Stamp Duty on homes up to £425,000 for first-time buyers.
· Launch a new, improved Help to Buy scheme.
· Lower the amount needed for a deposit to 5% for first-time buyers.
· Continue the Mortgage Guarantee Scheme.
Leasehold:
· Complete leasehold reform, and continue support for leaseholders affected by building safety problems.
Renting:
· Pass a Renters Reform Bill, including abolishing Section 21 no-fault evictions.
Social housing:
· Legislate a local/UK connection test.
· Implement a ‘three strikes’ rule for evictions.
· Fight any plan to abolish Right to Buy.
Tax:
· Introduce a two-year temporary Capital Gains Tax relief for landlords selling to existing tenants.
· Ensure councils have powers to manage growth of holiday lets.
· Leave the number and valuation of council tax bands.
Green Party
Building:
· Provide genuinely affordable housing, where people need it, and with investment into health, transport and services.
· Deliver 150,000 new social homes a year, through building, and purchase/refurbishment of older stock.
· Reduce climate emissions with requirement to meet Passivhaus or equivalent standards.
· Push a retrofit programme to insulate homes, provide clean heat and adapt buildings.
Renting:
· Introduce rent controls.
· End Section 21 no-fault evictions.
· Allow tenants to demand energy-efficient improvements.
· Create private residential tenancy boards, for informal, cheap and speedy resolutions.
Social housing:
· End the Right to Buy scheme.
Tax:
· Tax assets above £10million at 1% annually, and above £20million at 2% annually.
· Align Capital Gains Tax with rates paid on income, and investment income with employment tax and NI rates.
Labour
Building:
· Build 1.5million homes a year, including a generation’s biggest increase in social and affordable housing.
· Restore mandatory housing targets.
· Strengthen planning obligations to ensure new developments provide more affordable homes.
· Build a new generation of new towns, alongside urban extensions and regeneration projects.
· Prioritise development of brownfield land, and fast-track planning applications for urban brownfield sites.
· Preserve the greenbelt, taking a more strategic approach to designation and release.
· Introduce ‘golden rules’ to ensure development benefits communities and nature.
· Support councils and housing associations to build their capacity.
· Take tough action to ensure planning authorities have up-to-date Local Plans.
· Require Combined and Mayoral Authorities to plan for housing growth, and give them new planning powers, freedoms and flexibilities.
· Consolidate powers to allow for improved decision-making on planning.
· Reform Compulsory Purchase Compensation rules, to improve land assembly, speed up delivery, and delivery community/public benefits.
Buying:
· Support first-time buyers with lower mortgage costs via a permanent, comprehensive mortgage guarantee scheme.
· Work with local authorities to give first-time buyers the first chance to buy homes over international investors.
Leasehold:
· Accelerate pace of building safety remediation, with focus on those responsible for the crisis put it right.
· Bring the leasehold system to an end, and tackle unregulated ground rents.
Renting:
· Abolish Section 21 no-fault evictions.
· Extend Awaab’s Law to private tenure.
· Ensure private rented homes meet minimum energy efficiency standards.
Social housing:
· Review Right to Buy discounts, increasing protections of newly built social housing.
Tax:
· Fund additional planning officers through increasing Stamp Duty for non-doms.
Liberal Democrats
Building:
· Build 380,000 homes a year, including 150,000 social homes and 10 new garden cities.
· Integrate appropriate infrastructure, services and amenities into the planning process for development.
· Properly fund local planning departments.
· Ensure housing isn’t built in areas of high flood risk without adequate mitigation.
· Encourage development of brownfield sites, with affordable and social housing included.
· Introduce ‘use-it-or-lose-it’ planning permission for developers who refuse to build.
· Invest in skills, training and technologies for the construction sector.
· Make homes warmer and cheaper to heat with an emergency upgrade programme.
· Ensure new developments result in significant net gain for biodiversity.
Leasehold:
· Remove dangerous cladding, without leaseholders paying for it.
· Abolish residential leaseholds and cap ground rents to a nominal fee.
Renting:
· Immediately ban Section 21 no-fault evictions.
· Make three-year tenancies the default.
· Create a national register of licensed landlords.
· Recognise tenant panels so renters have a voice.
Social housing:
· Give local authorities powers to end Right to Buy in their areas.
· Introduce a Rent to Own model.
· Enforce clear standards.
Tax:
· Reform Capital Gains Tax to close loopholes exploited by the super wealthy.
· Give local authorities powers to control second homes and holiday homes.
Reform UK
Building:
· Fast-track new housing on brownfield sites.
· Enforce Section 106 agreements.
· Incentivise innovation to speed up building and cut waste.
Buying:
· Boost economic activity and housebuilding by cutting Stamp Duty to 0% below £750,000, 2% from £750,000 to £1.5m, and 4% over £1.5m.
Leasehold:
· Clearly state and consent all potential charges for leasehold or freehold residents.
· Ensure it’s cheaper and easier to extend leases to 990 years and buy freeholds.
Renting:
· Abolish the Renters Reform Bill.
Social housing:
· Impose strict limits on immigration to relieve the pressure.
· Prioritise local people and those who ‘have paid into the system’.
Tax:
· Abolish inheritance tax for all estates under £2m.
· Scrap Section 24 for landlords.
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If you’d like to talk about how any of these measures may affect you as a landlord, a tenant, a property buyer or seller, contact us on 01525 40 22 66 or email ampthill@orchards.co.uk.
