General Election: who’s planning what for the housing market?

When Prime Minister Theresa May called a general election on May 8th, she woke up the next morning to a record 22-point lead over Labour. With favourable personal approval rates and an unprecedented poll lead, it seemed almost certain that the Conservative party would win a landslide majority. As such, there was a real sense in which the Tory manifesto was the only one likely to affect the future of the housing market.

However, with just a few days to go until people across the nation cast their votes, their lead has narrowed considerably and they are no longer on track for an overwhelming win. Most polls are still predicting a Conservative win, but May is unlikely to gain the majority she had hoped to achieve.

Of course—as recent political events in both the UK and America have shown—there’s no such thing as a sure bet when it comes to the outcomes of elections. So regardless of which of the two main parties are successful on June the 8th, what are their proposals for the housing market?

Conservatives

  • The Conservatives have promised to build 1.5million new homes by 2022, with a million of these achieved by 2020—however, this has been a long-term promise which they are thus far not on target to meet.
  • They would allow councils better access to land that could be built on
  • They have promised new social housing, but have been vague about how this will be implemented
  • A floor of £100,000 for care costs, meaning people can retain £100,000 of the value in their family home to pass on

Labour

  • Labour would seek to establish a new Department for Housing to tackle the housing crisis
  • They would look to build 100,000 council homes a year
  • They have promised to invest in £250billion of infrastructure
  • However, there are significant concerns about where the money to fund the above is coming from

Despite housing being a central concern of the election, both parties are arguably a little vague on the specifics of how new developments will be costed and implemented. Enness will endeavour to report on updates as they occur in this election week.

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