London, UK – Prime Minister Rishi Sunak has unveiled plans in the Conservative election manifesto aimed at boosting home ownership with “transformational” policies. Sunak expressed intentions to bring back an enhanced version of the Help to Buy scheme and to exempt landlords from paying tax on profits when selling properties to tenants.
Additionally, the Prime Minister announced that the Conservatives aim to extend the existing £425,000 threshold before first-time buyers have to pay stamp duty tax. This threshold, currently in effect in England and Northern Ireland, has been pivotal in supporting aspiring homeowners in purchasing their first properties.
As housing emerges as a key issue in the upcoming general election, political parties are striving to secure the support of individuals looking to own homes. Opposition parties seized on Sunak’s acknowledgment of the increased difficulty in owning homes during the Conservative government’s tenure.
Sunak’s manifesto also includes plans to reintroduce a government loan scheme allowing first-time buyers to receive up to 20% of the property value. The scheme, which ended in England in 2023, aims to provide a “helping hand” to those on the cusp of home ownership, contributing towards equity loan costs and offering interest-free government loans for the initial five years.
The proposed measures by the Conservative party come amidst criticism of previous housing initiatives, such as the Help to Buy scheme, being described as exacerbating house price inflation. Sunak’s pledge to scrap capital gains tax for landlords selling properties to existing tenants is another notable aspect of the manifesto, intending to incentivize landlords to offer tenants the opportunity to own their residences.
While the Conservatives have set a target of constructing 300,000 new homes annually in England by the mid-2020s, challenges remain in achieving this goal. The Labour party has also committed to ambitious home-building targets, promising to streamline the planning system if elected. Similarly, the Liberal Democrats have outlined plans to construct 380,000 new homes yearly across the UK, with a specific focus on delivering 150,000 social homes annually.
Overall, the housing policies presented in the Conservative election manifesto aim to address the pressing issue of home ownership, appealing to voters across the political spectrum with promises of practical solutions and support for aspiring homeowners.