With less than five weeks to go until the General Election, have you decided yet who you will vote for?
If you haven't, here is a handy guide from the Council of Mortgage
Lenders to help you make up your mind. It outlines the housing policy of
each of the main political parties, covering everything from their
stance on the rental sector and affordable housing to owner-occupation.
The Conservative’s proposals
- Like most of the other parties, they want to increase housing
supply. Would like to see the annual construction rate to rise to
200,000 homes by 2017, and the construction of 200,000 starter
properties for sale to first-time buyers aged under 40 at 20% below
market rate.
- Keen to realise the potential of alternative methods of construction
and off-site manufacture to increase housing supply and reduce costs,
and to create more opportunities for people to custom-build their own
homes.
- Wants to extend the Help to Buy equity loan scheme for newly-built
properties until 2020, introduce the proposed Help to Buy ISA, and a
Rent to Buy scheme offering discounted rents and an opportunity to buy
for social tenants. Would like to continue support for the Right to Buy
scheme, and make it easier to sell on properties in shared ownership.
The Labour Party
- Has identified housing as one of six goals in its 10 year
plan. Wants to build at least 200,000 homes annually and see the number
of first-time buyers double by 2020. Would like to increase competition
in the construction sector, and encourage the expansion of smaller
building firms.
- Believes local authorities should have a mandatory local plan to
meet housing need, with new powers to build on designated land quickly,
to charge developers for not building when planning permission has been
granted, and to designate new housing growth areas. Also wants
incentives to deliver new garden cities, and to fast-track planning on
small sites.
- Wants to devolve £6bn a year in housing, infrastructure and
transport funding to local authorities. Also proposing powers to give
priority access to local buyers, and to prevent homes being sold for
buy-to-let, or being left empty.
- Plans to introduce a "mansion tax" on properties worth more than £2m, and to re-instate the spare room subsidy.
- Supports the simplification of financial products, with lenders
required to send annual updates explaining how borrowers’ payments will
change if interest rates rise, and favours a free financial guidance
service.
- Wants “ring-fencing” of high street and investment banking, and possibly full separation of these two operations.
- Wants to introduce three-year tenancy agreements in the private
rented sector, with restrictions on rental charges and reviews, and on
letting agents’ fees. Would like privately rented properties to meet a
decency standard by 2027.
The Liberal Democrats
- Would like to raise the annual construction rate to 300,000 homes,
with a ministerial task force setting out in the first year of a new
parliament how this will be achieved. Wants to introduce higher council
tax bands for higher value properties. Favours the release of public
land through ‘build now, pay later’ deals, and prefers ‘help to build’
over Help to Buy.
- Address restrictions caused by land-banking through a competition
review of the building sector, plus community land auctions and ‘use it
or lose it’ planning consents. Supports the introduction of powers to
control the number of second and empty homes.
- Favours greater local autonomy through ‘devolution on demand,’ and
grassroots support for local plans setting out housing need. Would like
local authorities to have power to suspend the Right to Buy, but wants
to introduce a new ‘rent to own’ scheme, under which tenants can become
full owners without taking out a mortgage.
- Improved protection from rogue landlords in the private rented
sector, plus the introduction of ‘family friendly’ tenancies and minimum
energy performance standards for rented properties.
- Supports pension reform and the provision of free financial
guidance, with the possibility to expand the scope of this further. Also
wants ring-fencing of banks, perhaps with full separation of retail and
investment banking operations.
The United Kingdom Independence Party
- Wants to protect the green belt, but make it easier to build on
brownfield sites. Government to list nationally available sites for
development, and to issue low-interest bonds to fund land
decontamination. Exemption from stamp duty for the initial sale of
newly-built homes on brownfield sites, as well as incentives through
VAT. Stronger powers for local people to overturn proposals for
large-scale development.
- Change the points system in the social housing sector to prioritise
ex-servicemen and women. Restrictions on Right to Buy for foreign
nationals, unless they have served in the armed forces.
- Wants to re-instate the spare room subsidy, but supports a streamlined welfare system and benefits cap.
The Green Party
- Abolition of the Right to Buy, and the construction of 500,000 new
social rented homes by 2020. Powers to bring empty homes back into use
and convert empty municipal buildings, where appropriate. Councils to be
able to borrow money to build homes or buy them on the open market.
- Borrowers unable to continue to meet their mortgage commitments to
be able to transfer ownership to a local council, and pay rent as
tenants.
- Scrapping of the tax allowance on mortgage interest for landlords,
greater security for private tenants and rent caps. Introduction of a
rent commission to “bring rents back into line with incomes,” and
landlords to improve the energy efficiency of homes.
- Abolition of the welfare cap, and a re-balancing of economic prosperity in the UK to reduce demand in London and the south east.
The Scottish Nationalist Party
- Priority for affordable housing and an extension of its record of
providing council houses through the Scottish parliament. Implementation
of new measures to scrap the Right to Buy for new council homes in
Scotland.
- Re-instatement of the spare room subsidy, and opposed to cuts in in-work benefits.
Plaid Cymru
- Extend HomeBuy to help first-time buyers and allow “people to buy
houses in their town or village.” Reform of the home-buying process, so
that legal fees are paid by the person withdrawing from a house sale,
not the purchaser.
- Higher council tax charges on second homes, particularly where
ownership of them makes it harder for local people to buy. Improvements
to environmental performance of homes through a Green New Deal, and
lower VAT on house repairs.
- Introduction of rent controls, enhanced rights for tenants and a
study of how savings from housing benefit and additional borrowing
powers could support the construction of social housing. Measures to
bring empty homes and other suitable buildings back into the housing
stock.
The Democratic Unionist Party
- Help for first-time buyers, with a home loan scheme for graduates in
subjects needed to improve the economy. Promotion of shared ownership,
with more opportunities to part-own and flexibility to change the share
of the property owned by the occupier. Wants to examine schemes to help
borrowers with mortgage problems, and provide practical advice and
support.
- Supports an early decision on the fundamental review of the Northern
Ireland Housing Executive, separation of strategic and landlord
functions, and measures to make social housing more self-financing.
Plans to work with housing associations to provide more affordable
homes.
- Wants a Northern Ireland Housing Forum involving all housing
providers and relevant government departments. A better balance between
funding newly-built property and maintaining existing social homes, and
wants to explore setting up a single regulator for the whole housing
sector.
- Supports certainty on Housing Executive rents, with revenue used to
re-instate properties, maintain homes and promote energy efficiency.
Wants to introduce a light touch, mandatory register for private
landlords.
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