Housing and the Election: What the Parties say

They’ve been all over our televisions, newspapers and Internet. The main political parties have been thrashing their manifestos out in order to win the publics’ all-important votes. But what are the parties takes on housing?

In brief and as an indication only of some of the ideas floated:

The Conservatives would like to extend the “Right to Buy” to Social tenants. The controversial reawakening of this move already looks to be on shaky ground. Many argue that the plan is flawed, and that social housing should remain exactly as it is – designed for those who there and then, need it the most. They are designed to change hands as people’s circumstances change also. The Conservatives claim that the “Right to Buy” empowers lower income families to become homeowners.

The Liberal Democrats would like to build 300,000 houses, including the construction of up to 10 garden cities by 2020. A sensible, if slow solution that some could actually say is too little, too late. Garden cities such as Stevenage and Milton Keynes were built after the Second World War, when housing was urgently required due to bomb damage, stagnation in the construction industry and also reunited couples and their consequential baby boom.

Both Labour and  The Liberals want a “Mansion Tax” on properties worth more than £2m. The threat of mansion tax will drive a predicted 120,000 homeowners to have their houses revalued – costing an average of £4800 to the homeowner. The concept is under scrutiny, mainly because the HMRC will have to foot the bill of £65m that is estimated to arise from handling disputed Mansion Taxes – more than the tax itself is expected to raise.

Finally, UKIP seek to introduce “Inheritance Mortgages”. Some countries already allow mortgage repayments to be inherited, once the original owner dies. It is claimed that this will help older buyers to successfully gain a mortgage. The general unease with this idea is that mortgage debt may be thrust upon the children of the deceased. Although the manifesto does not state this, it does not state that it won’t happen either.

We wish that we had a crystal ball to see into the future of housing (and which party will be steering the ship for the next four years), but as a leading Harrogate estate agents, you can always come to us at Myrings for expert property opinions and advice.

 

Charles

About Charles

This blog follows the residential Sales and Lettings market in Harrogate, Knaresborough and surrounding villages.You will find information, analysis and guidance here along with news about Harrogate. I’m Charles Myring working in the Myrings Estate Agents Ltd business alongside my son Simon , daughter Gemma and dedicated sales teams. If you're thinking of Selling / Buying / Letting / Renting property locally Myrings would be happy to assist.