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PROMISES, PROMISES BUT WHICH PARTY WILL DELIVER THE UK DREAM OF HOME OWNERSHIP

Conservatives:

Election pledge to deliver 200,000 new homes for first time buyers. UK residents under 40 would be given a 20% discount

  • Help to Buy ISA announced in the 2014 budget, in force from August 2014 promises that the Government will put in £50 for every £200 saved – up to a maximum of £3,000. Can only be used towards the purchase of a house up to the value of £450,000 within London and £250,000 outside London
  • Pledge to unlock Brownfield sites to build up to 400,000 new homes
  • Help to Buy 2. Launched in October 2013 provides a partial mortgage guarantee for those with a 5% deposit or more. Property must be valued under £600,000.
  • Pledge to reform the Right to Buy scheme to include the 1.3 million Housing Association properties in England
  • Stamp Duty reform announced in the 2014 budget – Came into force December 2014, cut stamp duty for 98% of home buyers

Labour:

Pledge to abolish stamp duty for 3 years for First Time Buyers up to £300,000.  Over £300,000 and stamp duty will be payable at the full rate.

  • Pledge to build up to 200,000 homes each year by 2020 including substantially more social and council housing
  • Pledge to prioritise local first time buyers in the sale of 50% of new homes built in the area – must have lived in the area for 3 years and  purchase within 2 months

Lib Dems

Pledge to build up to 300,000 new homes each year in the form of social housing and new garden cities

  • Pledge to create 30,000 Rent to Buy homes by 2020

It’s a close call in the 2015 general election and it’s good news for home buyers that our political parties are waking up to the importance of home ownership for our young people.

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