Five ways the housing market will change if Starmer wins election, according to a property expert
The property market could change under a Labour Government
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Labour has come ahead of the Conservatives in the latest opinion polls which means it could be set to win the 2024 General Election.
Property expert and founder of House Buy Fast Jonathan Rolande has shared how a win for Keir Starmer could change the housing market.
Return of Renter's Reform Bill
Jonathan said: "Assuming that Labour win, the first major impact will be that we will see the Renter’s Reform Bill return, and it will likely be super-charged."
New housing
“Labour hopes to build 300,000 new homes a year for five years. This should be just a start to make up for the enormous shortfall over previous decades. But I do expect to see Starmer to signal the start of a rapid house building programme."
Five things could be addressed if Starmer wins the election
PALandlords hit
"Landlords can expect to be penalised for poor quality, energy-inefficient housing. The market should prepare themselves for this right away."
Leasehold changes in England and Wales
"Leasehold looks set to be abolished. How much better its replacement is remains to be seen and is a cause of some concern in the market."
Council tax changes
"We can expect to see council taxes change with more penalties for those holding an empty property."
This comes as the property market has seen shoots of recovery in recent months and prices remaining stable.
LATEST DEVELOPMENTS
The property market has shown signs of recovery in recent months
GETTYJonathan commented: "Housing does, for the first time in decades, feel like it is actually becoming a significant issue for politicians and the electorate.
"The sales market is resilient. Prices have held up surprisingly well. The lettings market may be reaching its peak, with inflation-busting rises over recent years, but things have quietened down a little.
“The first six months have shown us how, without doubt, the Bank of England isn't keen on property booms. Many had predicted interest rate reductions by now - but they’ve been left disappointed.”