After the General Election, with the Conservative Party holding a sizable majority in Government, attention turned to the Queen’s Speech. As you would expect, there has been a lot of focus on the NHS of late, but the housing market has also been a critical area for politicians to battle on. These two areas, alongside Brexit, have been at the heart of manifestos and campaigns, so it was no surprise to learn a number of housing matters were raised during the State Opening of Parliament.
While no one should put too much faith in any government or politician to carry out their promises, there will be people hoping that promises made regarding housing come to light. The Government aims to make the process of buying a home more affordable, and achievable. One step is to ban new houses being sold on a leasehold basis. It is also likely a First Home scheme will be introduced which will lead to local people and key workers benefitting from a 30% discount on new homes.
Tenants and landlords face changes
There will also be changes for the rental market with responsible landlords hopefully finding it easier to regain control of their home through the courts, if there is a good reason for them to do so.
Housing Secretary Rt Hon Robert Jenrick MP said; “The announcements made in the Queen’s Speech today will empower both home-buyers and renters. The legislation that we will bring forward will provide a better deal for renters through our lifetime deposit scheme while also protecting them from no-fault evictions. We will also help first-time buyers get a foot on the property market with 30% discounts for local people and key workers. We are moving forward with legislation to set ground rents to zero, abolish leasehold houses and prioritise the safety of residents with the biggest change to building safety laws for 40 years.”
The lifetime deposit scheme will change the rental industry
One change which may impact the rental market is the lifetime deposit scheme. This will allow tenants to move their deposit from rental property to rental property. This will save tenants money, and reduce some of the stress associated with moving home. However, there needs to be clarity on how this will affect landlords. It is vital tenants are looked after, but there is a need to care for landlords too.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html