The new Labour government has outlined several policies that are set to impact the UK property market significantly. Here’s what homeowners, tenants, and landlords could expect:
Affordable Housing
Labour has pledged to build 1.5 million new homes over the next five years. This initiative aims to tackle the housing crisis and make homeownership more accessible to a broader population.
Help for Renters
To protect tenants, Labour plans to abolish Section 21 no-fault evictions and have ‘Awaab’s Law’ apply to the private rental sector. They have also proposed introducing stricter controls to limit how much landlords can increase rent annually. This will have a significant impact on regulations for property lettings and homes to rent in Worthing and across Sussex.
First-Time Home Buyer Support
Labour is considering introducing new schemes to support first-time buyers, including the ‘Freedom to Buy’ mortgage guarantee. This scheme aims to help buyers without a large deposit to get on the property ladder. If passed this will improve property sales and enable more first-time buyers to buy a flat or buy a house in Sussex.
Stamp Duty
First-time buyers currently pay no stamp duty on properties up to £425,000. Labour plans to keep this exemption in place but has not committed to extending it beyond March 2025. This will continue to benefit those looking to buy property in Worthing and other areas across Sussex.
Making Homes Greener
Expect stricter regulations for energy efficiency in homes. Labour has committed to retrofitting existing homes to meet higher energy standards, which could affect property owners. They have pledged that all private rentals need to be rated EPC C by 2030. This change will affect property owners, landlords and regulations for property sales.
Your Local Worthing Estate Agent
For personalised advice on how these policies may affect your property investments in Worthing and across Sussex, contact your local residential estate agent, Alexander Philips. Whether you’re looking to sell your house, rent your property, or buy a flat, we can help you navigate any changes.
