How the general election might affect the housing market

Lisa Russell, Independent Mortgage and Insurance Adviser, discusses the main political parties pledges for housing

Confused about what might happen to the housing market following the general election?

With housing high on the agenda for every Party, could it mean significant changes or continuum of the same old same old?

With Rishi Sunak making the groundbreaking comment that buying your own home has “got harder” it is not a surprise he is getting criticism for stating the obvious.

The average house price across Britain is now a whopping £340,837 according to property firm Savills. The minimum deposit for this would be £17,042, then potentially stamp duty or land tax on top of this, not to mention legal fees, has priced many people out. This, together with, rents being higher than ever it is making it impossible for families to save.
What pledges have been made? I have picked some key points below.


  • Build 1.6 million new homes in England this would mainly be on brownfield land.
  • Renew the Affordable Homes Programme, i.e. Help to Buy which allows first-time buyers to get a government equity loan worth up to 20% to buy a new build property.
  • Make permanent the increase to the threshold at which first-time buyers pay stamp duty to £425,000 (currently in England only).


Lib Dems

In my opinion none of these changes are particularly radical and I am very cynical about any pledges to build houses. The schemes lenders are currently offering are much more relevant to help first time buyers.

  • One lender offers a “Helping Hand” to first time buyers and can lend up to 20% more for first time buyers.
  • Another lender will accept personal loans as a deposit, as long as it fits with affordability.
  • All sorts of safety nets available for those parents/grandparents etc. wanting to gift deposits, i.e. trusts, second charges etc. that can give that extra level of security to the banks of parents.

Of course, it is not just first-time buyers that need help. The whole market and the cost of living including the eye watering cost of renting needs to be addressed. Will there be any emergency rate cuts before the election? With the next meeting on the 20th June, watch this space.

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Article By Private: Lisa Russell

June 11th, 2024

Lisa has worked in financial services since 2009, starting her career at Leeds Building Society as Assistant Branch Manager where she specialised in mortgage and insurance products. In 2014 she joined a prominent top 100 law firm as an independent, whole of market, mortgage and protection advisor.

Drawing on her wealth of experience, Lisa has an excellent reputation of providing clear advice in a friendly and approachable manner. She is always there to support her clients providing that much needed hand to hold, setting her clients on the right path from day one. Understanding what is important to her clients and a can-do attitude has meant her feedback has been exceptional. Whether dealing with a first-time buyer or an experienced landlord, Lisa will empower her clients to make the right financial choices for them

We are delighted that she has chosen to join Pure Wealth Management. When asked why Lisa said “I love the culture, energy and client first focus of the company. “Professional Planning, with a Personal Touch”, is PWM’s strapline and it is the service that I provide to my clients”.

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