Election 2019 – what do the manifestos say about the property sector?
As Britain enters the final week before polling day on 12 December, we ponder what some of the parties’ election pledges mean for the London property market.
If you’re thinking of buying or selling a home in 2020, you’re probably keen to see Brexit uncertainty resolved, whether that’s by leaving the EU, another referendum or revoking Article 50.
With a well-quoted mantra of ‘get Brexit done’, the Conservatives would put Boris Johnson’s withdrawal agreement through parliament before Christmas and leave the EU in January.
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Labour would negotiate a new deal with the EU and put this to a referendum within six months of coming to power – the result would be legally binding.
Central to the Liberal Democrats’ manifesto is a commitment to ‘stop Brexit’. The party promises to revoke Article 50 immediately – and stop Britain leaving the EU – without another referendum. However, if there is no majority government, the Lib Dems would work with other parties to secure a referendum.
Labour wants to reform the Help to Buy scheme, increasing its focus on first-time buyers with moderate incomes.
If elected, the Conservatives will introduce ‘lifetime’ fixed-rate mortgages, for renters, with a 5% deposit.
Both Labour and the Conservatives wants to ban the sale of new leasehold homes. Labour would allow existing leaseholders to buy their freehold ‘at a price they can afford’.
Labour would tax second properties used as holiday homes, while the Lib Dems would give local authorities powers to increase council taxes by up to 500% on second homes. All the parties would introduce some type of surcharge for overseas buyers.
On Climate and Energy Efficiency
The Lib Dems propose linking stamp duty to energy usage to help tackle climate change through tax incentives. They would also create a programme to insulate all of Britain’s homes by 2030, cutting both emissions and fuel bills.
Labour has announced a ‘new green deal’, creating one million jobs to tackle climate change. Among its pledges is a promise to upgrade 27 million homes to the highest energy-efficiency standard
The Conservatives say that homes will be made more energy efficient, with £9.2 billion to be spent on insulation and similar measures for schools and hospitals.
Photo used with permission from richardharriscoaching.com