As we know, the property market can’t withstand uncertainty and, as such, during an Election campaign, we normally see market activity fall off a cliff.
Interestingly there has barely been a drop-off in enquiry numbers during the 2024 Election and I think that is because there was so little uncertainty from the word go about the outcome.
Also, there was so little difference between the two major parties I suppose there was an assumption that there may be very little change after all was said and done.
The biggest change for First Time Buyers looks to be that the Stamp Duty exemption on properties valued up to Β£425,000 is due to be returned to normal. This was due to be reduced in April 2025, but the Conservatives had said they would extend this in its manifesto.
However, Labour has said it will go back to Β£300,000. If you are a First Time Buyer who could be affected by this change you might want to think about accelerating your home buying plans.
To some extent, every home buyer is due to be affected because the standard Stamp Duty threshold is poised to revert to Β£125,000 from Β£250,000.
Labour’s manifesto reminded us (as if we needed reminding) that we face a chronic shortage of homes leaving “millions unable to plan their lives, start families, or build a future for themselves and their kids”.
This is correct, but seeing as we haven’t built the required 300,000 new homes in a single year since 1977, it is a national problem not just a party-political one.
Labour’s plan involves building homes on “grey belt” land which is land currently designated as “green belt”, when it is wasteland such as disused petrol stations and car parks. They plan to build 1.5m million new homes over the next 5 years, with half of these being classified as affordable housing.
It’s an ambitious target, but at least there IS a target as the 300,000 was diluted to being just a “guideline” under the last Government.
It would be great for our Economy if we can get Britain building again, but there is another immediate challenge in terms of who will build them.
We are down to 42,000 bricklayers in the UK now, 33,000 short of the number that would be needed to hit the target according to the National Housebuilding Council. This presents an opportunity for our younger generation because the demand is there for sure.
I think we may also end up hearing more about the Right to Buy scheme in due course. This was a defining policy of the Thatcher years and whilst the last Labour Government stopped short of banning it, they severely curtailed the discounts offered by the Local Authorities.
Don’t be surprised if this rears its head again and if so it might be a little awkward for Angela Rayner!
On a final positive note, it might not feel quite like 1997, but I am hopeful of at least a little bounce in the market now it’s all over.
There will be some people who have put plans on hold so that pent-up demand may now be released and if we get a base rate cut in August then that could be enough for a strong finish to 2024.
During the 6-week election campaign, we have already seen some mortgage lenders reduce their fixed rates.
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