First-time buyers would get a two-year Stamp Duty holiday under a Labour government.
The Labour Party released a housing manifesto yesterday, pledging to cut Stamp Duty to zero for first-time buyers for properties worth up to £300,000.
A Labour Government would also introduce a FirstBuy Homes scheme that would provide 100,000 new-builds, with housing costs for new-build homes benchmarked at a third of local average incomes.
The Help to Buy scheme would also be extended to 2027 but only for first-time buyers and not for households earning more than £100,000 a year, according to the manifesto.
The document also proposes a cap on ground rent charges and a review into the use of leaseholds.
Labour would also press ahead with a tenant fee ban and would encourage councils to set up local lettings agencies.
The party would introduce legal minimum standards to ensure that private rented homes are free from serious faults such as unsafe wiring and appliances, problem damp and vermin.
Rogue landlords would also be named and shamed, with fines of up to £100,000 for those who fail to meet minimum standards.
Additionally, rents would not be able to rise above inflation and three-year tenancies would be the norm, although renters would have the option to end the tenancy with two months’ notice.
Labour leader Jeremy Corbyn said: “A Labour Government will start on fixing the housing crisis immediately. High prices, excessive rents and the chronic lack of affordable housing are ruining the lives of young people, families and aspiring home owners.
“This will transform the housing market and put the needs of younger house buyers and local workers first.
“Labour will usher in a new era in council house building to build more council homes than at any time for over 30 years so that the broken market is fixed to provide homes for the many, not investment opportunities for a wealthy few.”
He’s found more money! Hope that doesn’t mean that we won’t be getting the free chocolate and all the other freebies. Perhaps this means that Mr Branson is going to chip in with a few quid?
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Politicians – they all think they know it all and have all the answers! Yesterday when visiting one of my rental properties I noticed when driving down the road an interesting point. The area has a high level of rental property. Usually ( in recent years) the vast majority of agent board were to let or let by – yesterday the majority were for sale or sold by. Perhaps the first tangible signs of the effects of the tax changes actually showing. So many small investors do not keep abreast of almost daily changes to the PRS maybe they are now realising the true effects of the Conservative Party’s legislation. Labour will make it even worse! I feel sorry for tenants who will be most affected by these politicians actions, even if their propaganda blames landlords.
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Funny isn’t it, we want to go back to a day and age when Landlords wouldn’t do work on properties that wasn’t essential because they weren’t able to achieve market rates.
Really resonated with me the other day when an older chap said to me ‘I won’t be voting Labour. Their policies are not progressive, they are regressive, everything Jeremy Corbin stands for takes us back to the past in terms of policy and it didn’t work then so why would it work now’. I found that quite interesting.
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This is true but Mr Corbyn has the new political virgins to fool into believing his form of utopia – a utopia that does not exist in reality. Only the older generation will know the effects of rent control. The days when YOU COULD NOT RENT as new property did not go to the rental market; you had to buy because that was your ONLY choice; there was virtually NO MOBILITY OF LABOUR as you could not rent and purchasing was a long term commitment. Even then you do not have to look that far back to when labour last left office with the note that effectively said the accounts were empty!!
To avoid scams they always say if it sounds too good to be true, it usually is! If they are politicians first don’t believe them then think carefully.
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Weren’t all the issues Corbyn raises in play when the last Labour regime were in power? And what did they do about them?
I said ages ago that treating landlords like enemies of society would simply get them to cash in on their properties and as a result reduce stock even further. So what then happens with rents; do they a) drop b) remain the same c) go up?
Oh I forgot, haven’t senior figures in the politburo, sorry labour Party, been talking about a rent cap? That will really re-invigorate the B2L sector won’t it!
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Whats the next pledge from Labour?
2 weeks all inclusive free of charge in the Maldives for everyone?
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