Labour has won the General Election and Sir Keir Starmer has a Labour manifesto full of pledges to achieve. At least three housing announcements are expected to be made in the first fortnight of a Labour government. This will help with Starmer’s promise to “hit the ground running” and turbocharge house building from “day one”. But what have labour promised? How soon can we expect change?
“The speed at which we can expect reforms to be passed will partly depend on the size of any majority in the House of Commons once the seats have been counted. A party that romps home with a huge majority will find it considerably easier to get new laws passed more quickly.”
What will Labour do for your housing goals?
We have a full analysis of the Labour manifesto plans for housing policy, which will tell you everything they have promised to do in office. However, what they promise and what they can turn around are two different things.
Labour’s win was a landslide victory. Historic, even, which should make a good climate to enact a lot of policy change, quickly. However, it should be noted that voter turnout at this election was the lowest in 20 years. A YouGov survey, “half of Britons (49%) say they don’t know what Keir Starmer stands for” and the latest British Social Attitudes Survey found trust and confidence in the government is at a record low. Starmer will need to work hard to deliver his campaign promise of change.
Starmer’s promise to 'hit the ground running' on house building
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The Labour party pledged to deliver 1.5m new homes, including several large-scale ‘new towns’ and more development of the ‘grey belt.’ The party has already been talking to housing developers, investors and builders to ensure they could get started right away.
This focus has already begun to prove effective. The day after the election, there has been a UK stock market rally lead by house building companies.
What will happen to mortgage rates?
Richard Merrett, Managing Director of Alexander Hall, said, ‘Whilst we do not expect any sudden impact to mortgage rates what is clear is that markets like stability and certainty. The overwhelming landslide of Labour’s victory gives us exactly that, so we believe positive sentiment and confidence will only grow, which in turn then should have good outcomes on rates for mortgage borrowers. What will remain is that good advice is paramount and this is where a great mortgage broker is needed.’
Ready for change?
According to research on landlords, buyers and sellers, news of an election doesn’t have a particularly strong impact on people’s intentions in the property market. So you’re not alone if you’re ready to get started. We'll continue to monitor all housing policies, and ensure our clients have all the information they need to achieve their property goals. Let us help you plan your next move in London property:
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