What Are The Promises Being Made In The General Election Regarding The Property Market.
With the run up to the 7th of May in full swing now, the entire country is experiencing some sort of ‘uncertainty,’ especially since it is the first time we have gone into a general election under a coalition government since 1974.
With sales prices, and rent increases being almost inevitable in our growing economy, all the parties in the election agree that things need to be done, but what is the question amongst the parties.
Supply and demand, Britain has a notoriously low housing stock for the amount of people entering the property market- ideally more homes need to be built. The Conservatives have said they will build 200,000 new properties for first-time buyers in the next five years. Where as Labour has promised that the country will be building 200,000 by 2020 and the Liberal Democrats 300,000 by 2020. If these seem to be, too good to be true (they might very well be.)
What about if you cannot afford that down payment, and you’re in a rental property? Well, Labour wants to introduce reform for the renting population to making three-year tenancies the norm, and putting a ceiling on the rent increases. The Green party are also promising rent control and greater protection for tenants. Currently the UK has strong legislation to ensure that tenants and landlords are both treated fairly if a dispute arises.
All in all, general elections are inevitable, we are always going to have them no matter what. Things that the parties promise won’t happen over night, or quite possibly might never happen. If you’re looking for more help to understand what this means for you entering the property market today, come speak to us and we will give you all the relevant information to help you make an informed decision.<