As the UK prepares for a General Election on July 4th, and the general public begin to consider the changes they would like from the government, Oxfordshire housebuilder Pye Homes has also drawn up its own ‘Election Wishlist’ – a range of policies and initiatives which it would like to see introduced or amended, to give the property sector a much-needed boost and to support people who would like to move home:
- Reinvigorate the first-time buyer market with a new scheme – More help is drastically needed to help first-time buyers get their feet on the property ladder. According to Zoopla, the average first-time buyer is now looking at properties costing an average of £244,100 – meaning a 20% deposit would be £48,820, a figure which varies depending on each region in the UK. The government’s Help to Buy scheme ended on March 31st, 2023, and the current Mortgage Guarantee Scheme only runs until June 2025.
- Extend the stamp duty tax relief to encourage more people to move – The current Stamp Duty Land Tax (SDLT) relief is on the first £425,000 on properties costing up to £625,000, for first-time buyers. This will remain in place until March 31st 2025, after which the government then intends to repeal these changes. We want to see that extended indefinitely to give house buyers – in particular first-time buyers – every assistance possible.
- Reform the planning system to allow developers to deliver the much-needed housing targets – The current planning system in England is ‘plan-led’, with responsibility falling to District Councils and LPAs (Local Planning Authorities); improved funding, a reduction in red tape and more support for these departments would allow planning applications to be processed more efficiently and allow much-needed homes to be delivered.
- Offer incentives for people choosing to buy energy-efficient homes – e.g. grants, additional tax relief, etc. – Pye Homes is committed to sustainability and energy efficiency, utilising environmentally friendly heating solutions including solar panels and air source heat pumps in its new homes. Today’s home buyers expect so much more from their homes in terms of performance and levels of comfort, and we believe residents will look to and move further towards zero carbon living. The next government must acknowledge this through its green incentives for both housebuilders and buyers.
- Provide a scheme to offer stability for mortgage rates – Rising interest rates and higher costs have hit the housing market badly in recent years; the next government must look to give house buyers reassurance and stability to encourage them to either become a first-time buyer or move up the property ladder and thus help the market grow.
Managing Director, Graham Flint, commented: “Successive governments have known that too few homes are being built, and have subsequently set annual targets that are almost impossible to achieve. If we are to ever hit these targets and solve the UK’s housing shortage, the next government needs to work with housebuilders such as Pye Homes and listen to the industry.”