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  • Property-a-holics

    Conservative Manifesto - housing perspective



    This is a live up-dating thread covering the announcement of the Conservative Election Manifesto from a property and housing perspective. 

    Prime Minister Teresa May has chosen Halifax to launch the Tory manifesto – the latest in a tour of the north-east that underlines the Tories’ determination to seize seats in traditionally Labour areas. 

    The election slogan is "Forward together".

    The scene is set:



    Some leaked policies so far:

    Conservatives to confirm the commitment to bring down net migration. > Affect tenant demand?

    Firms will be asked to pay more to hire migrant workers. > Affect tenant demand?

    The Evening Standard has published the findings of an IPSOS MORI poll showing Labour up 8 points - but the Conservatives still well ahead.

    Here are the other party manifestos published so far:

    2017 Housing Manifesto - Labour

    2017 Housing Manifesto - Liberal Democrats 

    The manifesto is 80 pages long and is titled "Our Plan for a Stronger Britain and Prosperous Future".


    Photo credit: @bethrigby


    Leaks are coming from the hall while people wait for Teresa May to start her speech - this from the Assistant Political Editor of the Telegraph:


     

    Teresa May is now speaking:

    "A Manifesto to see us through Brexit and beyond".

    "It is rooted in the aspirations of ordinary working people across the land".

    She says, as we advance on the momentous journey of Brexit, we have a chance to ask what kind of country we want.

    "We need to look forward, not back".

    All plans depend on getting the next five years right.  

    "We will leave the EU and take control of our money, our borders, and our laws".

    See - BrExit - impact on property market

    "We will be a great global trading nation that stands tall in the world".

    "My mainstream Government will deliver for mainstream Britain".

    "We will adopt a modern industrial strategy to spread opportunity across the country".

    "We will help those struggling to buy their own home by building more affordable homes".

    Commitment to build 1.5 million extra homes by 2022.

    Income tax

    A commitment to raise the tax-free personal allowance to £12,500 by 2020 will stay.

    The Tories will also keep a commitment to raise the threshold for the 40p tax rate to £50,000 by 2020.

    Homelessness

    This issue gets one paragraph:



    Tory Manifesto says councils "amongst worst offenders in failing to build sustainable, integrated communities".


     

    The Manifesto confirms that the Tories will continue with the ban on letting agent fee and said the following under the heading ‘Cutting the Cost of Living’.

    > We will also improve protections for those who rent, including by looking at how we increase security for good tenants and encouraging landlords to offer longer tenancies as standard.

    > A Conservative government will reform and modernise the home-buying process so it is more efficient and less costly.

    > We will crack down on unfair practices in leasehold, such as escalating ground rents.

    Homes for all

    Q: The manifesto does not say if high earners will pay more in tax. Will they?

    May responds high earners face a choice, between a party that always has and always will believe in low taxes, and a Labour party whose instinct is to put up taxes.

    On backing small business:



    Reactions from Jeremy Corbyn on twitter:



    Some screenshot from the Manifesto about infrastructure:



    CONCLUSION:



    DOWNLOAD THE FULL MANIFESTO

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    From twitter - comparing the Labour and Conservative Manifestos:

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    A reprise of our video with Stephen Johnson, M.D. of Shawbrook Bank:


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    From the 2011 Cencus, England and Wales.

    As can be seen there is no housing crisis or affordability problem. In fact nearly 90% of 4 bedroom proprieties are owner occupied while only 20% of 1 bedroom properties are owner occupied. Simply put people do not want to buy the small 1-2 bedroom properties but they are happy to rent them.

    Builders need to switch to building big expensive 5 bedroom homes. The people who buy those homes will sell their 4 bedroom homes, those who buy that will sell their 3 bedroom homes and so on. If a builder builds a 1 bedroom flat a landlord has to buy it as there is no demand from owners they simply do not want 1 bedroom homes and are not that interested in 2 bedders either.

    There is no real uk housing crisis ownership is high for uk born citizen and for larger properties. Ownership is low for migrants and low for flats and 1 bedroom properties. The government should not be slapping landlords around for the problem of builders building small properties owners do not want, egged on by the government and silly people like shelter.

    The uk builders should switch to building big expensive homes, the people who buy them will vacate smaller cheaper homes and a chain of sales will form all the way from the top to the bottom.

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    Hi aya

    Your reading of the UK housing supply is very different to the widely believed/quoted shortage of housing.

    There could be a glut of housing very soon if you are correct and builders keep building...

    The RLA and NLA and such bodies need to consider your argument carefully.

    Did you write to them?

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    Those with 3 and 4 bedroom house are likely to extend rather than move due to stamp duty.

    The landlord / owner occupier split on one bedroom properties is interesting and I'd suggest that builders have responded to demand from landlords, these could see a big fall in prices if landlords leave the market and at lower prices will become attractive to FTB.

    Two bedroom properties - with a fairly even split between landlords and owners would suggest owner occupiers are likely to take up those sold by landlords.

    It would seem that stamp duty is hitting both the owner occupier and BTL market, particularly in the SE where stamp duty can be in the tens of thousands.



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    CONSERVATIVE PLANS DO NOT GO FAR ENOUGH ON PRIVATE RENTING

    Commenting on the publication of the Conservative Party’s election manifesto today, RLA Chairman, Alan Ward said:

    “With almost 2 million new homes to rent needed by 2025 this manifesto does not go far enough in supporting good landlords to develop the new homes we need.

    “We need a tax system that encourages landlords wanting to invest in new homes for tenants and a planning system that frees up small plots as well as improving existing stock.

    “Should they win on June 8th we will work with Conservative Ministers to ensure they harness the opportunities the private rental market presents to meet today’s manifesto commitment to 1.5 million new homes by 2022.”

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    If they saw Landlords as  an asset not an enemy  it maybe helpful

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    Learn Change and Adapt ?????

    Do not go far enough? there is one sentence in there saying they will give tenants more protection. Conservative manifesto is too vague, it is content free!

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________

    its very vague it what its doesn't




    say that makes me think

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    Learn Change and Adapt ?????

    Agreed. In the circumstances, outside housing, I'm reassured by the manifesto. But why is there no specific reference to PRS and BTR? Either current Tories have decided to ease off, or there is an almighty surprise in store post election. Although LL bashing is a vote winner so not sure why they'd keep quiet about it in the manifesto. Odd.

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    Rachel 

    "Change is a prerequisite to longterm survival".

    The establishment is rigged so that the rich stay very rich, and the poor get poorer.