Labour plans property-related reforms as general election blueprint revealed

In a recently drafted policy handbook, the Labour Party has revealed the blueprint from which their next general election manifesto is likely to be built upon.

The draft blueprint of Labour’s 2024 manifesto is the party’s most comprehensive policy programme yet and was published on LabourList, the independent news provider focusing on the party’s activities.

The handbook features policies designed to benefit# homeowners and renters alike, although they will not do much for buy-to-let landlords, including those already thinking about exiting the private rented sector.

Included in the blueprint are targets to increase housebuilding and homeownership, with the latter set at a rate of 70%.

To help support those looking to get a foot on the housing ladder, Labour will look to set up a new comprehensive mortgage guarantee scheme to better support first-time buyers. This will see the government act as guarantors for those who can afford mortgage payments but are unable to save for a large deposit.

In addition, as revealed last week, there are plans to give first-time buyers first refusal on new developments in their area, while also ‘redistributing demand’ for homes away from those who speculate on house prices.

A new Labour government would also seek to build more new build homes, including significantly more affordable housing.

Leasehold is also targeted, with a pledge to bring the present system to an end through reforms.

Support for the private rented sector is also mentioned in the handbook, including a ‘fundamental reform’ of the sector, offering tenants greater security via a new renters’ charter. This would include longer-term tenancies as standard, an end to Section 21 evictions, and introducing a national register of landlords.

There is also mention of a legally binding Decent Homes Standard 2, which would apply to all privately rented homes over the next decade.

This article is taken from Property Industry Eye.

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