Election manifestos: what should we expect for the housing market?
Lucian Cook of Savills shares his views with the Financial Times:
Housing ranks as the fourth most critical political issue. Our next government faces a monumental task: balancing the dream of home ownership with the pressing need for more affordable rentals. Here's a breakdown of the housing manifesto landscape:
↳ Housing trails only the economy, health, and immigration in political importance.
↳ The need for affordable rentals is as crucial as promoting home ownership.
↳ Rising interest rates have intensified housing affordability issues.
↳ More housing could significantly stimulate the economy.
↳ Expect a blend of firm proposals and political rhetoric.
↳ Both main parties support extending mortgage guarantees, though their impact is questionable.
↳ Conservatives propose a revised version of Help to Buy, welcomed by builders but needing careful implementation.
↳ Conservatives suggest a capital gains tax break for landlords selling to tenants, though its success depends on tenant finances.
↳ All major parties, except Reform UK, back reforming private rentals, particularly ending assured shorthold tenancies.
↳ Housebuilding targets vary, with Labour aiming for 300,000 homes annually, Conservatives 320,000, and Lib Dems 380,000.
Housing policy is a complex, multifaceted issue that requires careful balancing of competing interests and practical implementation.
So... Can the next government turn these housing promises into tangible outcomes, or are we destined for more broken dreams?
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