Labour the party of home ownership?

Labour the party of home ownership?

13:22 PM, 24th September 2021, About 3 weeks ago 10

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Before the Labour Party conference, Lucy Powell, Shadow housing secretary said: “Labour is the party of homeownership, the Tories are the party of speculators and developers. They treat housing as a commodity, not the bedrock of stable lives and life chances.”

Labour has announced plans to:

Give councils powers to force landowners to sell vacant sites to build new housing at lower prices than the compulsory purchase system currently allows.

Give first-time buyers exclusive rights to purchase new-build homes for six months.

Slash affordable rents to only 30% of average household income

Restrict to 50% the number of properties in a development that can be sold to overseas buyers.

In Lucy Powell’s conference speech preview, she says: “The country is facing a housing crisis with the link between hard work and getting on the housing ladder broken for many. Insecure tenancies and expensive rents, make it hard for people who play by the rules to get on in life. The challenges of affordability, an ageing population, building safety and the climate emergency all mean we need a bold new approach.

“We will build a new settlement on housing, with a first step today forcing developers to build more truly affordable homes, and giving first time buyers’ first dibs on new developments so they can’t just be sold off-plan to second homeowners or foreign investors.

“Labour is the party of home ownership, the Tories are the party of speculators and developers. The Conservatives’ failures on housing today mean that they don’t have the answers to solve the challenges of tomorrow. They treat housing as a commodity, not the bedrock of stable lives and life chances.”



Comments

by Old Mrs Landlord

13:36 PM, 24th September 2021, About 3 weeks ago

It will be interesting to see what the developers have to say about this - assuming Labour ever get elected of course.

by LordOf TheManor

14:37 PM, 24th September 2021, About 3 weeks ago

What about extra taxes for overseas investors who purchase for cash in London then leave their properties empty?

Although the Guardian article is more than 5 years old, I doubt nothing much has changed in this market.

https://www.theguardian.com/housing-network/2016/jun/03/london-foreign-investors-money-housing-property

by Cathie

21:09 PM, 24th September 2021, About 3 weeks ago

Will the first time buyers buy the new builds off plan and wait a year to move in? How will the developers finance these otherwise. Does she have no understanding about how things work?

Agree that properties sold (to whoever) shouldn’t sit empty.

They really don’t look below the surface, do they?

by Trisha

11:04 AM, 25th September 2021, About 3 weeks ago

Labour? The party who has decimated the balance of housing supply and demand through mass immigration of over 10 million people without a single thought of the impact on services and infrastructure.

by Jessie Jones

11:38 AM, 25th September 2021, About 3 weeks ago

And then there is the law of unintended consequences to consider.
Average wages have risen (8.1%) by more than average rents (2.1%) this year, so by pegging rent to income, rent would actually climb faster. Almost 4 times faster this last year.
And my personal view is that average wages are artificially supressed at the moment by Government Policy of zero wage increases for the public sector this year (NHS excepted). It is wholly unsustainable for them to lose out by 8.1% per year without those sectors going the same way as the HGV drivers.
(figures from ONS, latest available, excluding London)

by terry sullivan

18:11 PM, 25th September 2021, About 3 weeks ago

most labor mps own many homes? i think thats what they mean

by terry sullivan

18:13 PM, 25th September 2021, About 3 weeks ago

stop the invasions and deport all illegals--problem solved

by North of England Hands Free Investor

23:14 PM, 25th September 2021, About 3 weeks ago

Morale of the story, don't trust Labour now or if they ever get elected again. Long may they continue playing second fiddle as they are absolutely clueless about how to solve the housing crisis and just cannot be trusted to Govern the UK.

by DSR

9:13 AM, 27th September 2021, About 3 weeks ago

The shadow chancellor said on Breakfast news this morning (totally forgettable woman) in an interview about abolishing Business rates, her response to how they are going to get money into the coffers.....ask those who have to the biggest income to be taxed more...and gave an example of people who buy to let!
Well that says it all in a nutshell. Still the socialist belief that all LL and property owners are evil and we must make them pay!

by terry sullivan

15:08 PM, 27th September 2021, About 3 weeks ago

shes never had a job--hubby works for nhs


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