Its official, the Labour party won the recent general election, with a strong majority, and so there is no doubt the UK now faces a number of changes; not only within housing but also the country.
Although it could be seen as a time of uncertainty it’s wise to remember that typically big changes take time to come into fruition and following the calling of the general election, and prior to Labour’s much anticipated win, there was minimal disruption to the housing market.
So, what can we expect to see going forward? It seems that Labour’s initial commitment to building new homes will be unwavering with a pledge to build 1.5 million over the next five years, and to overhaul current planning rules.
Additionally stamp duty, mortgages and help for first time buyers are expected to be reviewed as well as the leasehold system for apartments.
In terms of the rental market there will undoubtably be additional reforms, notably their much-publicised desire to immediately abolish no fault evictions, so there is no time like the present to get a better understanding of the value in your property in order to consider your next steps.
We’re sure to know more in the coming weeks and months, and would hope the autumn budget would be illuminating, but of course we’ll be monitoring to see what parts of the manifesto are realised, and when, so that we can anticipate and adapt to changes within the market and any impacts they might have on our clients and the local area.
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
