We now know that the conservatives have won the general election and will be in power for the next 5 years. It’s more or less confirmed that as investors, home owners, landlords etc. we can expect the following in some guise…
Conservatives election proposals
- Plan for councils to determine annual house building targets
- Affordable home target value to be £275k by 2020, although it won’t be a very exciting time for those workers trying to get onto the property ladder.
- 200,00 new homes at 20% discount
- Help-to-buy equity loan to be available until 2020
- Aim to continue with current policies with further support to roll out neighbourhood planning
- Garden cities where locally supported
- Complete delivery of 10,000 new homes in the private rental sector below market rent
- No rental cap to be imposed to letting property market. Although some tenants may have hoped a Labour government might protect them from rising living costs.
- Support voluntary model tenancy agreements, which is good news for landlords who will not be forced into unsuitable long term letting agreements.
- No development land tax, will hopefully help the building of more affordable homes throughout the UK.
- No mansion tax, which will be good news for the owners of high luxury £2 million plus property in the country.
- No new council tax bands or changes to council tax existing. Landlords and developers will still have to commit to paying tax under the current less lenient enforcement.
- Continue current policies to reduce empty homes
Council homes for life to be replaced by tenancies lasting as little as five years based on need and income.
Are you happy with the conservatives proposals for the property market and how will this affect you?