After an exciting 24 hours, the votes are in, the Conservatives have the majority and the past few months of uncertainty are finally over. But what does this mean for you and your property?
The Conservatives' main pledges surrounding the property market focus on tackling the housing shortage and enabling first-time buyers to make the initial step onto the property ladder. Whilst nothing is yet carved in stone, we have outlined below the Conservatives' housing policies and how they could affect the property market and beyond over the next few years.
Sales and Development
Whilst the Help to Buy ISA's have already been implemented to assist first-time buyers saving for a deposit, further pledges, include:
• Extending the "Right to Buy" to 1.3 million housing association homes across England
• Building 200,000 homes for first-time buyers under 40 years old, at a 20% discount
• Creating a £1billion brownfield regeneration fund to unlock sites for 400,000 homes
• Protecting the Green Belt by encouraging the development of brownfield sites
• Fund Housing Zones in London to develop brownfield sites to create 95,000 new homes
• Ensuring 90% of suitable brownfield sites have housing consent by 2020
Lettings
Legislation surrounding the Section 21 notice has already been implemented in order to further regulate the lettings market and prevent 'revenge evictions'. Further pledges in the rental sector include:
• Delivering 10,000 new homes to rent at below-market rates
• Introducing Right to Rent checks across the nation
• Implementing new higher energy efficiency standards
• Limiting local authorities' power to license private landlords
• Facilitating tenant subletting
Taxes
• No mansion tax
• A raise in inheritance tax (IHT) nil-rate threshold for married couples to £1million
