To follow our post on the Conservative manifesto pledges and promises about housing, here is a closer look at what the Labour party are saying in theirs. Housing is one of the biggest issues in this and any election, so knowing what the major parties think could have big implications in the coming years.
Perhaps the biggest statement in the Labour manifesto is that they plan to create a new Department for Housing in order to tackle the historic failure of housing policy.
This department will be in charge of overseeing the building of 100,000 new council and housing association homes each year. This will also involve a suspension of the current Tory sell off of existing social housing.
As well as this, there will be 4,000 new homes for those people currently sleeping rough, which will help people to get off the streets.
The biggest news affecting landlords is that rent hikes will be capped at inflation and more secure three-year tenancies will be offered. This is to try and combat the insecurity of renters and the matter of landlords rising rent to capitalise on diminished housing stock.
Developers will be made to build zero-carbon buildings and four million homes will be insulated and 0% interest loans offered to homeowners who are going to make energy efficient improvements to their homes.
Another of the major policies is that local people will get first dibs on buying new homes in their area. This is in an effort to try and stop communities being disrupted by too much investment from outside.
As you can see and as you might expect, the Labour pledges are trying to make it more affordable and easy for people to find the homes they want. This is not such great news for investors or landlords and the removal of the right to buy policy currently in place means fewer houses will reach the private market. This could mean house prices will remain high.
If you’d like to know more about how both Labour and Conservative housing policies might affect the housing market in Norwich and Norfolk, then there’s lots of info online. Our investment experts would also be happy to talk through with you the potential consequences and how this might influence your decision to invest in the area. Of course, we’ll have to wait and see how it all goes on Election Day before we can really know what’s what.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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