With a Labour Government now appointed, we take a closer look at what they’ve pledged to do for the housing market. Bayo Alaba is the Labour MP for Southend East & Rochford, with David Burton-Sampson being appointed the Labour MP for Southend West & Leigh. Labour’s housing policies are designed to address both immediate and long-term needs in the housing market. Their pledges focus on increasing housing supply, supporting first-time buyers, protecting renters, and making homes more energy-efficient. The implications of these policies, along with the certainty provided by the new government, could potentially stimulate market activity and provide more opportunities for home-movers and first-time buyers.
So what could this mean with new Labour MP’s elected for the Southend area?
Labour’s Housing Promises: Key Points
Building New Homes:
- Goal: 1.5 million new homes over five years.
- Policy Update: Revision of the National Policy Planning Framework.
Stamp Duty:
- Current Relief: No stamp duty for first-time buyers on homes up to £425,000, expiring in March 2025.
- Labour’s Plan: Maintain the current exemption but no commitment beyond March 2025.
Help for Renters:
- Ban on No-Fault Evictions: Aimed at protecting tenants from arbitrary evictions.
- Extension of Awaab’s Law: Expanding its application to private rentals, requiring landlords to address health hazards promptly.
- Empowering Tenants: Tenants will have more power to challenge unreasonable rent increases.Help for First-Time Buyers:
- Mortgage Guarantee Scheme: Assisting 80,000 people to get on the property ladder.
- First Dibs for Locals: Priority for locals in buying new development homes.
Mortgages:
- Freedom to Buy: Guarantee scheme for first-time buyers with smaller deposits.
- Low Mortgage Rates: Commitment to keeping mortgage rates as low as possible.
Making Homes Greener:
- EPC C Rating by 2030: All private rentals to meet this energy efficiency standard.
- Warm Homes Plan: National initiative aimed at eliminating fuel poverty by 2030, applicable to up to 5 million homes.
Other Housing Legislation:
- Leasehold Reform: Making commonhold the default for new-build flats and banning new leasehold flats.
Despite the General Election, we have noticed a high level of activity across our Great Wakering, Shoeburyness, Thorpe Bay & Leigh on Sea branches with a high number of sales agreed within the last few months, new properties coming to the market and new applicants registering their interest in properties.
Now that the Labour Party has been elected and economists predict a likely interest rate cut over the coming months, we expect this increase in market activity to continue.
Are you contemplating a move in the near future? Feel free to contact our offices for some friendly advice or you can request a market appraisal via our website.