Home Property PayProp on the Labour Party manifesto for the 2024 general election

PayProp on the Labour Party manifesto for the 2024 general election

13th Jun 24 2:50 pm

It’s encouraging to see Labour focus on the undersupply of properties, which is at least partly responsible for the high cost of buying and renting.

Building 1.5 million new homes for sale and social rent, reforming planning laws, and appointing 300 additional planning officers will help, but construction on this scale will also take time to deliver.

We hope that the policy to create Skills England, a Labour-proposed organisation that will be tasked with ensuring training in England accounts for the overall needs of the labour market, will help equip our workforce with the skills needed to meet this target.

Any proposed mortgage guarantee scheme, including those in the Labour, Conservative and Liberal Democrat manifestos, needs to be carefully reviewed to ensure it does not inflate house prices, pushing them further out of reach of the people it is designed to help.

On the private rented sector, it is no surprise to see continued support for the abolition of Section 21 in the Labour manifesto.

However, as we’ve argued before, immediately abolishing it without first reforming the court systems and creating new grounds under Section 8 will trouble landlords, which may further escalate prices as stock is withdrawn.

We look forward to seeing details around Labour’s plans to ensure private rented sector properties meet minimum energy efficiency standards by 2030 – including what financing will be available.

Proposals to extend ‘Awaab’s Law’ to the private rented sector should be welcomed, as no property professional wants to see renters live in substandard homes. Detailed record keeping of any maintenance requests and repairs will be critical for agents supporting landlords once this is enacted.

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