Insights

Labour Leadership and the Future of the UK Property Market

04.07.24

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The property market has been a hot topic across the political spectrum in recent weeks, with housing policies becoming a common theme across party manifestos.

With the election results now in, the UK property market can now expect a newfound wave of certainty and boost in market confidence as the future of housing policies is now clearer.

Key Policies

• Building 1.5 million new homes over the next five years
• Ensure FTBs are given priority in new residential developments
• Introduce a permanent “Freedom to Buy” mortgage guarantee initiative
• Local authorities to give first-time buyers the first chance to buy homes

Rebecca Thomson, Sales Director at SevenCapital says:

“We welcome the emphasis on building more homes throughout the UK and the measures outlined throughout the political spectrum to help make the UK property market more accessible to homebuyers.

Labour have pledged to continue the current Tory housebuilding targets of 300,000 new homes a year, with 1.5 million homes to be built across the next government. This is a huge step in tackling the chronic gap between supply and demand in the UK property market. This also aligns with our own current targets to deliver high quality apartments in order to cater to rising demand.

We welcome Labour’s commitment to help first time homebuyers get on the ladder, so their promise to ensure FTBs are given priority in new residential developments as well as the “Freedom to Buy” mortgage guarantee initiative indicate a positive step forward for homeownership and the property market in general.

With a brighter future on the horizon in terms of inflation and mortgage affordability, we’re hopeful that the UK property market continues on its upward trajectory and look forward to doing our bit to deliver high quality homes where they’re needed the most.”