With Labour now confirmed to lead the government, we examine their commitments to the housing market in detail.
Building New Homes
Labour aims to construct 1.5 million homes over the next five years and plans to update the National Policy Planning Framework.
Assistance for First-Time Buyers
Labour plans to help 80,000 more people enter the property market with a comprehensive mortgage guarantee scheme and offer ‘first dibs’ to locals buying their first home in new developments.
Mortgages
The ‘Freedom to Buy’ mortgage guarantee scheme is designed to support first-time buyers with smaller deposits. Labour also promises to keep mortgage rates as low as possible, though this is not a specific pledge.
Making Homes Greener
Labour mandates that all private rental properties achieve an EPC rating of C by 2030, assuring that no one will be forced to replace old gas boilers. They also propose a decade-long national Warm Homes Plan to eliminate fuel poverty by 2030, potentially benefiting up to 5 million homes.
Whether we actually see these changes implemented, only time will tell. What we do know is some lenders have already dropped their rates at the end of June and are continuing to release new build exclusive mortgages at competitive rates in comparison to standard mortgages.
For mortgage advice it is always recommended to speak to a mortgage broker. They’ll have the latest rates and information to find you the best mortgage offer specifically for you.
