NAEA chief welcomes Tory policies as good for housing market

Mark Hayward, NAEA managing director, says that the Tory majority win means policies that are good news for the housing market.

He cited Help to Buy, new homes to be sold at a discount to first-time buyers, and the extension of Right to Buy to social tenants.

Hayward said: “With the Conservatives having secured a slender majority, we’re looking forward to seeing policies they’ve pledged, such as their first-time buyer new-build commitment and their Help to Buy promises, come through.

“During their election campaign, the Tories outlined a seven-point plan, pledging amongst other policies to tackle the growing supply and demand issue in the country for FTBs.

“The Help to Buy ISA, brought about during the Budget, will now be pushed forward, meaning that for every £200 saved for a first house, the Government will top up with £50 more.

“Effectively a tax cut for FTBs, this, along with their pledge to build 200,000 quality starter homes with a 20% market rate discount for buyers under the age of 40, will help the housing market to level out and help FTBs get on the first rung of the ladder.

“Right to Buy for housing association tenants will also now be extended, giving an extra 1.3m families the right to buy their home. Again, this will help supply and demand to level out.

“Our concerns with a majority Conservative government is whether they are going to be able to cash the cheque of promises they’ve made for home ownership within just five years.

“Supply and demand is a huge issue plaguing our country, and without tackling issues over planning, infrastructure and skills capacity, we worry that they will be unable to meet the growing demand of FTBs and fulfil their promises.”

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