Since Keir Starmer took power on the 5th July, there have been considerable policy announcements in a bid to ‘get Britain building’ again, as well as protecting the interests of renters through new reforms.
Firstly, Angela Rayner (Deputy Prime Minister and Secretary of State for Levelling up and Housing) has committed to ending section 21 no fault evictions as well building ‘new towns’, 1.5 million homes, and making changes to planning regulations to ensure that more developments are approved. This includes changing what is defined as the ‘green belt’ and ensuring that disused space such as old car parks can be utilised by developers who are looking to build.
Angela Rayner is not the only key significant figure that has housing in her remit. The Chancellor of The Exchequer, Rachel Reeves has also committed to bringing back housing targets, and overhauling planning reforms. This is a fundamental way the new government hope to achieve increased economic growth to end a decade of sluggish performance. Reeves has also committed to bringing back economic stability which is intended to ease the nerves of investors, and Bank of England economists who are set to announce whether they intend to cut interest rates, or not, in just a matter of weeks.
If interest rates are cut, this will have a significant positive impact for borrowers across the country who are currently facing significantly higher repayment costs than throughout the 2010s.
Another ambition of the new government is to overhaul the leasehold system which is costly for many homeowners, especially those in new build flats and houses. The government stated in their manifesto that they want to “bring the feudal leasehold system to an end” and act upon the “Law Commission’s recommendations for enfranchisement, right to manage and commonhold”.
For renters, the Government plans to give tenants more powers to challenge ‘unreasonable’ rent hikes, allow them greater protections against discrimination and exploitation, as well as forcing landlords to meet minimum energy efficiency standards by 2030. In response to these plans prior to the General Election the Chief Executive – Nathan Emerson – from the estate agent trade body Propertymark told MoneyWeek that “Any aspiration to reintroduce the Renters Reform Bill must come with full disclosure and a realistic timeline regarding the required court reform before the removal of Section 21 evictions should ever become a reality.”
Despite any pledges that have been made, we will be keeping a close eye on any changes that the government decides to make and bring you all the information you need to know!
Buying a house, renting your first property, or becoming a landlord are all big things and can be quite daunting at times. That’s why our team is here to provide you with all the information you need to know!
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