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The Election Manifestos
𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗽𝗹𝗮𝗻𝘀 𝗳𝗿𝗼𝗺 𝗺𝗮𝗷𝗼𝗿 𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝗽𝗮𝗿𝘁𝗶𝗲𝘀 𝗮𝘀 𝘁𝗵𝗲𝘆 𝗿𝗲𝗹𝗲𝗮𝘀𝗲 𝘁𝗵𝗲𝗶𝗿 𝗺𝗮𝗻𝗶𝗳𝗲𝘀𝘁𝗼𝘀 💼🏡📜
❤️ First up, Labour. Over the weekend, Labour leader Sir Keir Starmer announced their "Freedom to Buy" scheme. This plan aims to be a permanent government guarantor for mortgages, helping first-time buyers get on the property ladder. Starmer said, "After 14 years of the Tories, the dream of home ownership is out of reach for too many young people. My Labour government would make it a reality again."
💙 In response, the Conservatives are bringing back the Help to Buy scheme and scrapping stamp duty for first-time buyers on properties under £425,000. Prime Minister Rishi Sunak admitted on the BBC that buying a home has become tougher, but promised to not only build more homes but also boost employment prospects to help young people save for a deposit. He highlighted the Conservatives' achievement of building 1 million homes in the last Parliament, with a goal of 1.6 million more.
🧡 The Liberal Democrats also released their manifesto, focusing on building 380,000 new homes annually, including 150,000 social homes. They plan to ban no-fault evictions, standardize tenancy contracts to three years, and create a register of licensed landlords. They also want to abolish leasehold tenure and cap ground rents.
🩵 Reform UK has their own housing plans, proposing to cut stamp duty entirely for properties under £750,000 and introduce new rates for higher values. They also aim to abolish inheritance tax for estates under £2 million.
Stamp duty has been a hot topic. Simon Brown, CEO of Landmark Information Group, believes that while cutting stamp duty can stimulate the market, long-term reforms are necessary to address market inefficiencies. Rightmove's Tim Bannister welcomed the focus on housing, emphasising the need for more support for first-time buyers and long-term solutions to remove barriers in the market.
The Property Industry so far in 2024
𝗪𝗵𝗮𝘁 𝗮 𝘀𝘁𝗮𝗿𝘁 𝘁𝗼 𝟮𝟬𝟮𝟰!🏘️📉🧑🎓📚🏦
The property market experiences a positive shift ☀️with mortgage rates dropping to as low as 3% ⬇️ marking a significant decrease from the peak of 6%🔝
The government considers backing 99% LTV mortgages to aid first-time buyers, requiring only a 1% deposit, though concerns about negative equity and limited affordability arise 😳
Labour proposes stringent qualifications 📚for estate agents to eliminate unethical operators from the housing market. The suggested changes include at least one A-level for all agents and an undergraduate degree for agency directors. While these amendments are under debate, they indicate Labour's commitment to improving standards in the estate agency sector.
The Bank of England 🏦 maintains interest rates at 5.25% for the fourth consecutive time, with a 6-3 vote in favor. Despite two members advocating for an increase and one for a cut, the current rate, set in August, remains the highest in nearly 16 years. Inflation peaked in October 2022 but has since fallen to 4%, below the Bank's 2% target 🎯 Expectations suggest a potential rate decrease later in the year 📉