How the Key Conservative Housing Policies will Affect Lancaster Homeowners

This month Boris Johnson returned to Number 10, with the largest Conservative majority since Margaret Thatcher in 1987. So I thought this week we would take a look at how the housing policies of the Tories will affect the 147,000 residents of Lancaster.

The infographic below shows the Conservatives’ key housing manifesto pledges, which include:

  • increasing house building, with a target of 1 million new homes over the next 5 years – which is still below the 300,000 a year needed to meet current demand
  • supporting first-time buyers and extending the ‘Right-to-Buy’ scheme to include tenants of housing associations
  • leasehold reform, including banning the sale of new leasehold homes
  • reforms to the rental market including ending no-fault evictions and the introduction of so-called ‘lifetime’ deposits.

More than 17,000 people in Lancaster live in rented accommodation, and many of those will be affected by the changes to the rental market. The introduction of lifetime fixed rate mortgages, with low 5% deposits, will also be welcome news for those trying to get on the property ladder.

Finally, non-UK resident home buyers may now face a 3% additional stamp duty levy, up from the 1% proposed by Theresa May 5 years ago. It is not yet clear how much of an impact this will have on the local property market – it is more likely to affect high value purchases in the capital.

If you would like a chat about any of these policies – or any aspect of the local property market – feel free to pop into our office on Market Street, or call me on 01524 843322.