2024 Elections – Home and Property Policies
All the key parties predictably had some policies relating to housing in their manifestos, although some more comprehensive than others, and criticism was voiced, prior to publication, at the lack of discussion on this key point.
Stamp Duty is key theme, Labour’s plan to increase the surcharge paid by non-UK residents and use the funds to pay for more planning officers. Liberal Democrats also focused on this surcharge, but targeting any increase towards those buying second homes or properties for short-term holiday lets. The Conservative’s plan is focused on first-time buyers, abolishing stamp duty for them up to £425,000, while Reform UK offer the most substantial reform cutting all Stamp Duty for properties under £750,000 and reducing SDLT for other value bands.
The Green Party offered the greatest investment in home energy efficiency with a local authority led street-by-street retrofit programme to bring properties up the EPC B rating. This would require a £42 billion pound investment over five years and would be funded by a ‘carbon tax’ on businesses starting at £120 per tone of carbon emitted. Labour similarly looks to invest to make properties EPC rating C for 19 million homes, funded by windfall tax on oil and gas giants. Conservatives look to invest £6 billion on energy efficiency and fund an energy efficiency voucher scheme to support home owners to install solar panels and other efficiency measures. Liberal Democrats are looking to run a ten year programme to give free installation and heat pumps to those on low incomes, while ensuring all new properties are carbon-zero. They promise to expand incentives for households to install solar panels.
Renter’s Reform appeared on all parties manifestos. Labour, Conservatives, Liberal Democrat and Green all seek to end no-fault evictions, with only the Conservatives promising the court reforms which previously held up the issue in Parliament. Only Reform UK was against the Renter’s Reform bill, but promises to boost monitoring, appeals and enforcement.
Both Labour and Liberal Democrats look to abolish leasehold with Labour going further by promising to enact the Law Commission packs of legislation which has sat dormant since 2020, making commonhold the default. Conservatives promise to cap ground rent at £250, reducing to a peppercorn over time, a move which has proven controversial given that the results of the consultation on this point have not been published.
Social Housing also appeared on all parties’ manifestos. Labour and Liberal Democrats seek to review Right to Buy discounts in an effort to retain council housing stock, whereas Conservatives seek to protect the laws and increase discounts for those seeking to buy their council houses. Reform UK promise to reform social housing to put foreign nations ‘to the back of the queue’ and Green promise 150,000 new social homes.
Conservatives offered more policies, relating to the control of holiday lets and a two-year temporary capital gains relief for landlords selling their property to tenants. Liberal Democrats were the only ones to mention broadband, promising to ensure no home or business is left out.
There is nothing unexpected in the policies relating to housing, but as a key issue for many voters, some will be asking whether the parties have done enough.
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