The measures and pledges described below are mainly aimed at making more homes accessible across the UK whilst the removal of the threat of the ‘mansion tax’ will help the higher-end property market regain traction. A number of estate agents across London are in fact already reporting a significant increase in inquiries from local and foreign investors.
The government will no doubt also be facing a number of new challenges. The first signals from the Prime Minister however very much indicate a ‘back to business’ approach, with the first ministerial appointments being made within hours of the official results. The four former senior government ministers occupying key roles such as the Chancellor of the Exchequer and the Home Office have been reconfirmed in office. This sends a strong message of continuity and augurs well for the future.
Taxation
* No mansion tax
* A raise in inheritance tax (IHT) nil-rate threshold for married couples to £1 million
Other pledges made by the Conservatives include :
* Extending the “Right to Buy” to 1.3 million housing association homes
* Building 200,000 homes for first-time buyers under 40 years old, at a 20% discount
* Creating a £1billion brownfield regeneration fund to unlock sites for 400,000 homes
* Protecting the Green Belt by encouraging the development of brownfield sites
Pledges in the rental sector include:
* Delivering 10,000 new homes to rent at below-market rates
* Introducing Right to Rent checks across the nation
* Implementing new higher energy efficiency standards
* Limiting local authorities’ power to license private landlords
* Facilitating tenant subletting
