Conservative election
What the Conservative election win means for the property market?
As the Conservatives run away with victory in the election, VitalSpace Estate Agents outline what the party will do for the UK property market?
David Cameron and the Conservative party are returning to Downing Street backed by an increased majority after an election campaign largely dominated by property and home ownership. But why has this become such a pressing issue? Because in the past, buying ‘a place of your own’ was always a solid, immoveable cornerstone of British life. Today, however, for growing numbers of people, it is becoming an ever-more-distant dream.
In the past year alone, prices have risen fastest in Oxford with growth of 13.4 per cent swiftly followed by London (11.8 per cent) then Bristol (9.7 per cent), Aberdeen (7.8 per cent) are not far behind with Manchester just trailing them. The Royal Institution of Chartered Surveyors predicts annual price growth of six per cent over the next four years. As a result, young house buyers are becoming an endangered species. Half of all 25 to 34-year-olds now rent from private landlords. And according to the BBC, that’s twice as many compared to a decade ago.
The conservatives will principally focus on supporting those who wish to get their foot on the property ladder by keeping mortgage rates low and extending the Help to Buy Equity Loan scheme which so many depend on their explanation.
As the election draws to a close, here is an at-a-glance guide on what the conservatives have pledged on housing?
- They pledged to build 200,000 new homes for first-time buyers under 40 at a 20 per cent discount.
- The party plans to introduce new Help to Buy ISAs for first-time buyers to help them save for a deposit.
- They promise to open up the Right to Buy scheme to 1.3 million housing association properties and the money raised will be spent on building new homes.
- They say they will put money into regenerating industrial or “brownfield” sites so that 400,000 new homes can be built.
- They plan to introduce a new £175,000 per person transferable allowance in inheritance tax for main residences.
- Accompanied viewings 7 days a week
- A3 and A4 window displays
- High quality colour sales particulars
- Prominent and accessible office locations
Although the political make-up of Westminster for the next five years is now decided, whether David Cameron and his party stick to their pledges is, of course, the factor which remains to be seen.
VitalSpace Estate Agents – Are you looking to move home?
Do you want an agent who will work with enthusiasm to find your next property
If so…
You need to talk to VitalSpace Estate Agents
Click the link below for a FREE no obligation appointment and one of our Directors will visit your property to see how we can help get you moving.
Request your free property valuation
