Election update

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Election Update

Election update

As David Cameron prepares to govern Britain for another five years with a narrow majority huge sighs of relief could be heard from builders, developers, estate agents and others associated with the UK property market as the Conservative victory removed the threat of Labour’s proposed “mansion tax” and minimum 3 year tenancy agreements.

Both sterling and the stock markets have moved upwards in the wake of the election results with shares of property builders and agents amongst the heaviest gains.

Based on their manifesto pledges this is what a Conservative government means for property:-

The Right to Buy scheme to be extended to 2.5 million Housing Association tenants

Local Authorities to be forced to sell their most valuable council homes; replace with cheaper properties and invest the money raised in a “brownfield” development fund

Developers of brown field sites to be excused from paying infrastructure costs and from providing affordable housing in return for restricting prices to less than £250k (£450k in London)

London Land Commission to be set up to identify and release public owned land.

Self-build properties to be encouraged by forcing local authorities to allocate land for individual builds

Properties worth up to £1million to be free of inheritance tax

The equity loan part of the Help to Buy Scheme to be extended to 2020

Introduction of a Help to Buy ISA to top up deposits by up to £3000

Keep in touch with developments in the UK property market via our website thehomecloud.xenacia.com

 

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