The Conservative Party has launched its manifesto, in which it attempts to convince voters that it represents working people.
Today’s main announcement was the extension of the right-to-buy policy to an additional 500,000 housing association tenants, bringing the figure for those eligible up to 1.3m.
The discounted sales will be funded by forcing councils to sell off the most expensive third of properties in the local area. The party believes this will raise £4.5bn.
The money raised from sales would then be given back to local authorities to unlock brownfield land for resi development. The party claims this would allow the construction of 400,000 homes over five years.
The policy is in contrast to the party’s overall property strategy which favours first-time buyers.
The policy has been criticised for the same reasons as Margaret Thatcher’s original sale of council houses.
Adam Challis, JLL’s head of resi research, said: “Right to buy benefits a select few while condemning the vast majority to longer waiting lists and fewer choices.”
Key property pledges:
• Build 400,000 homes over five years
• 200,000 starter homes for sale to under-40s at 20% discount
• Double the number of first-time buyers up to half a million
• Right to buy extended to 1.3m people
• Rent to buy scheme for social landlords
• Maintain bedroom tax
• HS2 and HS3
• Protect green belt
• Remove family homes valued up to £1m from inheritance tax
