With the Conservatives set to gain a majority, the party’s manifesto will be of the utmost importance to the property industry over the next five years.
Most Conservative housing policies are aimed at getting first-time buyers onto the property ladder. The party is hell-bent on inspiring a new generation of voters by following the political maxim that home owners are more likely to vote Conservative.
Right to Bbuy was the standout policy form the manifesto, allowing 1.3m families to buy their housing association homes at a discount as well as creating a £1bn fund in order to build 400,000 homes over the next five years on brownfield land. The party is also standing by its bedroom tax policy, limiting the benefits that can be claimed for those with unoccupied rooms in their homes.
Key numbers
- 400,000 homes built over five years
- 200,000 starter homes for sale to under-40s at a 20% discount
- 500,000 first-time buyers
- 1.3m people given the right to buy
Winner: The North
In keeping with the topsy-turvy nature of this election, the North could benefit greatly from a Conservative government. The party has made a lot of noise about the northern powerhouse, which will be fuelled by HS3 and devolution.
Losers: Renters
Extending right to buy will undoubtedly make those living in housing association property happy. But those in private rented accommodation could feel snubbed.
Ruth Davison, policy director at the National Housing Federation, says: “It won’t help the millions of people in private rented homes who are desperate to buy but have no hope of doing so.”
