Having heard the intentions of the political parties during the conferences over the past couple of weeks, it’s intriguing to see the proposed efforts to improve the face of the property market and aid the UK’s recovery from the housing crisis.
The main points raised during the Labour Party Conference were given by Shadow Secretary of State for Communities and Local Government, Hilary Benn. During the conference he spoke about the stand Labour will take in terms of housing, if they were to win the next election in 2015.
Benn spoke very confidently about the proposed plans, and stated they would introduce measures to recover the property market and help the nation to own their own homes. Though it will be a bold move on Labour’s part, Benn describes their offering as a "different kind of politics" to what people have been used to of late.
Plans Labour would be looking to uphold include:
- 3 year tenancy options.
- Cap on rent increases.
- Scrapping letting agent fees.
- Building at least 200,000 homes a year.
The party have different values compared to the Conservatives, according to Benn. He says another measure Labour would introduce is the scrapping of bedroom tax, in an effort to help the lowest income families — one of the groups most affected by the current property system.
Benn went on to explain how young people are also struggling with the current system. Though every effort is being made to save in preparation to buy their own homes, the majority of young people still resort to renting.
The issue with this increasingly common cycle is that short term tenancies, combined with the uncertainty of rent rises, instils a lack of stability. This leads to major disruptions within households, particularly affecting those with children in need of childcare facilities or school places. Labour’s proposals on 3 year tenancy options and rent increase caps are designed to help alleviate this strain.
Plans to give more power to local communities are also on the agenda. Benn stated "We will give communities, as Sir Michael Lyons’ report will recommend, the powers they need to tackle land banking; put together the sites; get the design right; put in the infrastructure; and work with small and medium-size and large builders to build the homes that local people need where local people want."
Labour are planning on working with local authorities in an effort to build more council homes. Benn claims councils currently led by Labour are "already leading the way and outbuilding Tory councils".
Are these plans a sure sign of recovery, or will the property market be hindered as a result?
