Now that a Labour government has been confirmed, we take a closer look at what they’ve pledged to do for the housing market.
Building new homes
Labour plan to build 1.5 million homes over the next five years, and update the National Policy Planning Framework.
Stamp duty
First-time buyers currently pay no stamp duty on homes priced up to £425,000. However, this relief is due to end next year. Previously, the threshold for first-time buyers to pay stamp duty was set at £300,000. Labour plan to keep the current stamp duty exemption for first-time buyers that’s in place, but haven’t committed to extending it beyond the end of March 2025 expiry date.
Help for renters
Labour has pledged to ban no-fault evictions. They are also looking to have ‘Awaab’s law’ – which currently applies to social housing only – apply to the private rental sector. This requires landlords to investigate and fix reported health hazards within specified timeframes.
They’ve also pledged to ‘empower tenants to challenge unreasonable rent increases’.
Help for first-time buyers
Labour hope to help 80,000 more people get onto the property ladder with a comprehensive mortgage guarantee scheme, as well as offering ‘first dibs’ to locals looking to buy their first home in a new development.
Mortgages
Labour has pledged a ‘Freedom to Buy’ mortgage guarantee scheme, aimed at first-time buyers with smaller deposits. While not a pledge in itself, Labour have also outlined a commitment to keeping mortgage rates ‘as low as possible’.
Making homes greener
Labour has said that all private rental properties will need to be rated EPC C by 2030. It’s worth noting that they’ve said no one will be forced to remove their old gas boiler as part of these plans.
They also plan to deliver a national Warm Homes Plan over a decade which could apply to up to 5 million homes, with the aim to eliminate fuel poverty by 2030.