With the confirmation of a Labour Government, there's a renewed focus on the housing market. Here is a detailed look at Labour's key pledges:
Building New Homes
Labour has set a goal to build 1.5 million homes over the next five years. This significant increase in housing supply aims to meet the growing demand and make housing more accessible and affordable.
Stamp Duty
First-time buyers currently have an exemption from stamp duty on homes priced up to £425,000. Labour intends to maintain this exemption, providing essential support for those entering the housing market. However, it remains uncertain whether this exemption will be extended beyond its current expiration date of March 2025.
Help for Renters
Renters stand to benefit from Labour's commitment to banning no-fault evictions. This measure aims to provide greater security and stability for tenants. Additionally, Labour plans to empower tenants to challenge unreasonable rent increases, ensuring fairer rental practices.At Jones Robinson, we thoroughly screen our tenants to ensure landlords receive the best possible candidates.
Support for First-Time Buyers
Labour aims to assist 80,000 more people in getting onto the property ladder through a permanent mortgage guarantee scheme. As well aiming to give local first-time buyers ‘first dibs’ on new build homes, prioritising them in the allocation of newly constructed properties.
Labour’s pledges represent a comprehensive approach to addressing the diverse needs of the housing market, from increasing the housing supply to providing support for both renters and first-time buyers. As these plans unfold, they could significantly reshape the landscape of housing in the UK.
Contact your local branch for expert advice:
Devizes: 01380 730200
Didcot: 01235 816222
Lambourn & Hungerford: 01488 73337
Marlborough: 01672 556640
Newbury: 01635 35010
Pewsey: 01672 564555