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.