It is almost time to go to the polls but with two days still left to make up your mind we are taking one final look at the main parties promises on housing.
In a few snapshots, provided by community regeneration and housebuilding Keepmoat, we are returning to the manifestos of the three main parties to review the pledges they made.
All three, the Conservatives, Labour and the Liberal Democrats have met the challenge to provide working solutions for the housing crisis in the UK head on. The manifestos aim to address all pressing issues – build more homes, make home purchase more affordable, improve the places people live in, provide state support for all ages and tenures. Is what they had promised enough? Many industry experts are not entirely convinced. A lot of them think the parties had concentrated more on short-term fixes than long-term solutions for the housing shortage in the country.
Some policies, such as the Help to Buy ISA of the Conservatives and Labour’s proposal to cut stamp duty for first-time buyer properties worth up to £300,000, were cheered by the industry.
Others, such as the Conservatives’ Right to Buy and Labour’s rent controls and three-year tenancy proposals were attacked and criticised.
All seem to agree that a new government has to have a solid enough policy on housebuilding. Britain needs new homes and supply is key to solving the crisis.
Only time will tell whether one or more of the parties will deliver on all their promises and will find a way ensure the building of enough houses at affordable prices.
For now, the most important thing is to weigh all available options, make a decision and cast your vote, as every vote counts!
The Conservatives are the only ones that have included keeping mortgage rates low as a future objective but apart from the 200,000 starter homes for first-time buyers, they are also the only ones who have not named a specific annual housebuilding target.
Labour is the party promising the strictest rules for the private rented sector (PRS) and it is also proposing the introduction of a Mansion Tax on high-value properties. Labour promises one million new homes till 2020, which means an annual housebuilding target of 200,000.
The Liberal Democrats are also promising changes in the PRS, including multi-year tenancies, and a Mansion Tax. Interesting about their proposals is the focus on greener homes. They have a detailed plan for the development of a number of new garden cities.
