As the Conservatives run away with victory, Europe Real Estate examines what the party will do for the UK property market.
As ERE Property reports, the conservative party have set out how they plan to address the current UK housing situation.
They will focus principally on supporting those who are wanting to get their foot on the property ladder by keeping mortgage rates low and extending the Help to Buy Equity Loan scheme 2020 which so many depend on. Further to the scheme, the tories will introduce a new Help to Buy ISA in order to support those saving for a deposit.
The conservatives plan to build:
- 275,000 affordable homes by 2020
- 10,000 rentable homes at below market rates
- 200,000 starter homes for first time buyers under the age of 40 and sold at a 20% discount
- 90% of suitable brownfield sites have planning permission for housing by 2020
- New housing zones to transform brownfield sites into new housing, creating 95,000 new homes.
A major review of commercial business rates will be completed by the end of 2015 by the conservatives. Over £100 bln will be invested in infrastructure over the next four years, along with another £38 bln invested in the UK railway network over the next five years.
Will this become a reality?
Source: ERE Property, The Conservative Party Manifesto 2015