JUNE 12, 2024 | MARC DA SILVA
Rishi Sunak, the Prime Minister, recently launched the Conservative Party’s manifesto, presenting a “clear and bold plan” for the UK. Key proposals include scrapping national insurance for the self-employed and implementing significant tax cuts. The manifesto also covers housing policies like stamp duty, capital gains tax, housebuilding, planning, and the Renters (Reform) Bill.
Industry Reactions to the Manifesto
Dominic Agace, CEO of Winkworth – Dominic Agace supports the return of Help to Buy, saying it provides certainty for housebuilders and helps first-time buyers who struggle to save deposits but can meet affordability criteria. He warns that making landlords exempt from capital gains tax might lead to a rush in selling properties, putting pressure on renters due to decreased supply. The UK needs a robust private rental sector to support young professionals crucial to city economies and overall GDP growth.
Simon Gerrard, Managing Director of Martyn Gerrard Estate Agents – Simon Gerrard criticizes the Conservative proposals as unoriginal and ineffective. He argues that the lack of new housing supply is the main issue for young people trying to get on the housing ladder. Gerrard believes reviving Help to Buy is pointless without enough homes to buy and that scrapping stamp duty for first-time buyers doesn’t go far enough. He calls for a complete overhaul of the stamp duty system and more radical political reforms to address the housing crisis.
Nathan Emerson, CEO at Propertymark – Nathan Emerson finds the Conservative commitment to revising stamp duty encouraging, aiming to make homeownership more accessible. However, he seeks more details on how the Help to Buy scheme will assist first-time buyers. Emerson emphasizes the need for a sustainable housing supply to meet growing demand and urges clarity on the Renters (Reform) Bill.
Karen Charles, Executive Director at Boyer – Karen Charles appreciates the Conservative focus on planning and housing but notes that the emphasis on brownfield sites might limit housing delivery outside urban areas.
Paul Rickard, MD at Pocket Living – Paul Rickard welcomes the Help to Buy reintroduction and higher stamp duty threshold for first-time buyers but desires bolder policies to tackle the housing crisis’s root cause: supply shortage. He stresses the need for urgent planning system reform to support small housebuilders and improve infrastructure development.
Ben Beadle, CEO of the National Residential Landlords Association – Ben Beadle supports aiding tenants to become homeowners but warns that recent tax changes have harmed the rental market by increasing rents and reducing available properties. He stresses the need for a balanced approach to reforming the rental market, with investments in legal aid and court systems.
Alun Williams, Partner at Spector Constant & Williams – Alun Williams views the proposed fast-track planning system for the largest cities as insufficient, suggesting that more comprehensive reforms are necessary.
Conclusion
The Conservative Party’s housing policies have sparked diverse reactions from industry leaders. While some praise certain measures, many argue that more radical reforms are needed to solve the UK’s housing crisis. If you’re looking to sell your house quickly, Angel Properties can help. Visit angelproperties.uk to learn more. Contact us now to get your free property valuation or if you need a quick home sale.
Discover industry reactions to the Conservative Party’s housing policies in their new manifesto. Learn about the impact on the housing market and how Angel Properties can help you sell your house fast. Visit angelproperties.uk.
For a quick home sale, contact Angel Properties at angelproperties.uk. Enter your address for a free valuation and get the help you need to sell your house fast.
Original Article: https://propertyindustryeye.com/property-industry-responds-to-key-housing-policies-in-conservative-manifesto/
