It may not be Brexit or the NHS – the two major talking points in 2017’s political climate – but the property market is still likely to be a deciding factor for many when it comes time to vote next week (June 8th) in the recently announced snap general election.
Prime minister Theresa May announced only a few weeks ago that UK voters will be headed to the polls this summer to decide who will be leading the country forward, through the Brexit process and into a new era, and since then parties have been scrambling to put together their arguments around healthcare, education, the EU and the property market.
So, with just a week to go until we all head to the polling stations nationwide, what are each of the main parties offering voters with regards the UK property market?
The Conservatives are in something of a difficult position in terms of property headed towards the election. The party’s manifesto has mostly centred around reaffirming its plans to carry out promises from its housing whitepaper, as well as increasing the building of new homes.
However, the plans to increase the target to 1.5 million new homes being built by the end of 2022 has seen Mrs May’s controlling party criticised for slow progress on previous targets put in place back in 2015. Click here to read our UK Housebuilding Infographic…
Jeremy Corbyn’s Labour party has been one of the major critics of the Conservative party’s attempts to build more homes and how these have fallen short. As a result, it has made its own promises in this regard, saying that it will seek to build one million new properties, as well as 100,000 council and housing association each year until 2022. The party has also pledged to suspend Right-to-Buy, introduce all-new rental price controls and bring in a new Help-to-Buy scheme that would be in place until 2027.
Housing has been less of a focus for the Lib Dems in the run up to the snap election than it has been for the big two. But nonetheless, the party has included some commitments in its manifesto. It says it will commit to building 300,000 new homes per year, as well as 30,000 rent to own homes each year between now and 2020. On top of this, it wants to bring in ten new garden cities and see landlords restricted when it comes to renting out poorly maintained properties.
The Green party
The Green party, surprisingly, seems to be the only major party that wants to make it harder for the private rented market to flourish. As well as a commitment to building 100,000 social rented homes each year, the party wants to see changes brought about that would mean all landlords having to be licensed and the abolition of all letting agent fees. The party also wants to target young buyers as a way of helping more young people make their way onto the housing ladder.
UK house prices 2017
And according to Barclays Bank, the future looks bright for UK property. The company’s house price predictions next 5 years show that the average UK property will increase by 6.1% by 2021.
In recent months, Zoopla has reported London house prices falling this year however, Savills predicts that London house prices in 2017 will flatline and then bounce back by 3% in 2018.
Despite the current economic uncertainty and a general slowdown in the market which typically happens before a general election, a UK housing market crash is not on the cards. The high demand for new build homes, new homes for sale and rental property across the country will abate a UK house price crash coming any time soon.