Tory Election Majority Means Housing Market ‘Dodged a Bullet’

A Mortgage Strategy poll of more than 900 readers at the end of April highlighted the mortgage industry’s overwhelming support for the Tories. There were concerns about Labour’s plans to introduce three-year tenancy agreements as standard and cap rent rises at inflation. They also pledged to scrap stamp duty for first-time buyers on homes worth less than £300,000, which critics suggested would boost demand but not increase supply.  Labour also pledged to build 200,000 homes a year by the end of the next parliament.  The Tories promised to expand Right to Buy to 1.3 million housing association tenants and introduce a Help to Buy Isa to help borrowers save for a deposit. It also pledged to build 200,000 homes for first-time buyers aged under 40 at 20 per cent discount and create a £1bn brownfield regeneration fund to unlock sites for 400,000 homes. Read more on the Mortgage Strategy website.