What will the election mean for the British property market?
On June 8th, the British public will once again be asked to vote to see who will lead the country for the next five years, after the prime minister Theresa May announced earlier this year that she wants the country to vote on who will lead Britain into its post-Brexit era.
But with only a week to go until the polling stations open, what is each of the main parties promising for the property market? Here, we take a look at just a few of the main points in each of the big parties' manifestos.
Should the Conservative party retain its majority in Westminster on June 8th, it will face a number of challenges in the UK property market. While it has previously committed to doing a lot for the sector, there have been critics who claim that the government has not done enough to make its house building targets a reality. Meanwhile, the Conservatives' continued taxation of landlords has seen it criticised time and again.
Despite these criticisms, the Conservative party has made property one of the key points of its manifesto for the upcoming election, with housebuilding in particular at the top of its list. Despite not having yet hit its targets for 2020, the government has promised that it will now increase its efforts and build as many as 1.5 million homes by the end of 2022. At the same time, it has reaffirmed its commitment to carrying out many of the recommendations that came out of the housing whitepaper released earlier this year.
The main opposition to the Conservatives, it's no surprise that Jeremy Corbyn's Labour party is ready to take a different angle to the government when it comes to the property market in the UK. One of its main commitments is to stop the flow of social housing into the private sector, after it said that it will be looking to suspend the government's Right-To-Buy scheme for the duration of its time in parliament.
On top of this, the Labour party wants to increase housebuilding, claiming that it would do so at a far higher pace than the government has so far managed to. Mr Corbyn's party wants to see one million properties, plus 100,000 council and housing association homes, built each year between 2017 and 2022. The Labour party also said it would be looking to introduce rent controls to stop tenants from facing annual rises.
While the main two parties have committed in a big way to the housing market with their manifestos, the Liberal Democrats have a more scaled down approach to the sector. But nonetheless, the party has made some promises ahead of the election on June 8th.
It said that it will be looking to build as many as 300,000 new homes per year across the coming years, with 30,000 of these due to be rent to own properties. Meanwhile, the party is also committed to providing the UK with at least ten new garden cities across the nation, as well as increasing the pressure on landlords to only let properties that are of a high standard.