Research has shown predictions of how different party manifestos could impact first time buyers in the UK after the General Election.
As the nation heads to the polls today, the main political parties are doing everything they can to entice the British public to vote for their policies and elect them into the next parliament.
Since the last General Election in 2019, the UK has been impacted by the COVID-19 pandemic, the cost of living crisis and rising energy bills – all of which have had a long lasting effect on households and is impacting peoples’ ability to get on the property ladder, say online comparison site Money Expert – who have compiled a list of potential outcomes for First Time Buyers.
Liz Hunter, Commercial Director at Money Expert, has outlined the key policies from the main political parties on support for first time buyers, and gives her reaction to whether their plans go far enough to support the British public.
She said of the Conservatives – “The Tories outline another Help to Buy scheme to help first time buyers get on the property ladder and out of the rent cycle. The original Help to Buy scheme was introduced in March 2013 and according to the government, helped over 350,000 people into home ownership. The manifesto also states that Stamp Duty will be abolished on homes up to £425,000 for first time buyers too. They also pledged to build 1.6 million new homes across the UK to help boost housing stock.”
Commenting on Labour Ms Hunter said: “The Labour party plans to work with local authorities to give first-time buyers a better chance of buying their first home and ending the issue surrounding properties being sold to foreign investors before they’re built and put on the market. They also outline plans for a mortgage guarantee scheme, which will support first time buyers who would love to buy a home but struggle saving for a large deposit. Similar to the Tories, Labour has also pledged to build 1.5 million homes.”
On the Liberal Democrats: “The Lib Dems are also focusing their attention on building more homes that many parts of the country desperately need, such as building ten new garden cities and developing existing brownfield sites. They also plan to introduce a Rent to Own scheme for those living in social housing, where a portion of the monthly rent payments will help to increase their stake in the property, allowing them to own it outright after 30 years. ”
She spoke on Reform UK, saying: “The Reform UK party also plans to increase building of new homes across the UK, with the aim to fast-track planning applications and introduce tax incentives for development on brownfield sites to make a positive impact on the housing deficit.”
Speaking on the Green Party: “The Green Party outlines more support for social housing to tackle the one million households currently on the councils waiting list for a home in their area. They promise to build 150,000 social homes each year and focus their attention on improving existing housing stock to make them more energy efficient. The Greens also plan to scrap the Right to Buy scheme, designed to allow households to purchase their council house, to help keep homes in the hands of councils.”
Overall Ms Hunter said: “Housing is playing a key role in all party manifestos and whilst the policies do vary, all seem to understand the importance of upping their game when it comes to providing more housing stock across the country. Whoever is elected, the government needs to stick to their pledges and start building new homes, improving existing stock and improving planning rules to keep up with the demand for housing in the UK. Getting onto the property ladder for the first time is challenging for most people, therefore the continued schemes are likely to be welcome for first time buyers. Schemes such as Help to Buy and the Mortgage Guarantee Scheme will give first-time buyers more options to purchase a home and give them more hope that it’s actually still achievable.”
