Keir Starmer’s Labour Party has unveiled many new reforms. One key area affected is the housing industry, specifically new regulations that will provide a major boost to new affordable and safe housing for local communities.
Such communities like Southwold, which has experienced a dramatic rise in high-priced housing due to the increase in the number of holiday homes being purchased, meant that many people could not afford to purchase a house in their hometown. An increase in affordable housing for first-time buyers would prevent the disruption of communities caused by numerous unoccupied housing used as holiday homes and provide many young adults born in these communities with an opportunity to become household owners.
New Affordable Housing
A pledge of 1.5 million new houses within five years has hit the ground running. Greater teamwork alongside local authorities is being used to stimulate the development of affordable houses, specifically to encourage first-time buyers, such as young individuals, to have a greater choice of new homes. This would provide a great benefit in fighting back against the shortage of housing around the UK and will allow many to get access to the housing ladder.
Grey Belt
Where previously there has been a large release of brown and green site land, Labour has focused on “grey belt” land – which they define as “poor quality and ugly areas”. A promise to release such areas, with 50% being allocated to affordable housing in places all over the UK, specifically in the South of England, and with just over 40% of grey belts being within the London green belt area. A figure of 100,000-200,000 new family homes to be built on these sites will provide homes for thousands, break down the housing shortage, and utilise unused land.
Awaab’s Law
Previously applying only to the public sector, as part of the Social Housing (Regulation) Act 2023, will be broadened to the private rented sector via amendments to the Renters’ Reform Bill, this will force landlords around the country to address dangerous hazards such as damp and mould within their properties. This may warrant concern for landlords, which will have an increased potential for disputes with tenants and leaseholders concerning the responsibility for property defects. Determining who is responsible for maintaining such defects could lead to lenders strengthening their requirements to reduce risks.
Freedom to Buy scheme
Under current law, a mortgage guarantee scheme allows the government to increase the supply of 95% mortgages; this scheme was initially intended to end in June 2025 – Labour intends to replace this with a permanent scheme in which the government works along with lenders and front-line mortgage advisors to support a new generation in turning their dream of home ownership into reality. However, the Freedom to Buy Scheme would still lack accessibility, as does the current mortgage guarantee scheme, due to its precise requirements to qualify.
Due to the increased difficulty of the procedures, an increase in first-time buyers requires specialised conveyancers within the field to provide the best legal support.
At Attwells Solicitors, we have a team with in-depth expertise in Property Law. We offer 5-star Client Care and a range of property law services ready to support First-Time Buyers in their purchases of new housing. Please contact our Property Law Team at 01473 229200.
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