The appointment of the new leader of the Labour party, Jeremy Corbyn and his shadow cabinet, has generated some mixed views amongst the media with many unsure of the shift towards a more left wing leadership.
But what we want to know is what Corbyn proposes to help tackle the housing crisis.
We have summarised this into 4 main sections to show how each sector of the housing market would be affected by the plans.
Corbyn’s plan for new homes
- 240,000 new homes per year; 60,000 of these to be in London, 50% to be council homes
- Introduce a land value tax on undeveloped land with planning permission
- ‘Use it or lose it’ policy on brownfield land
- Remove borrowing cap on Housing Revenue Account
- Set up National Investment Bank to support housing developments
Corbyn’s plan for PRS
- Reduced rents and longer tenancies
- Licensing and regulation of private landlords
- Right to Buy shared equity scheme to support tenants in buying their home
Corbyn’s plan for social/affordable housing
- Reduce house prices by building more homes, restricting buy-to-let mass market and developing rents in line with average incomes
- Reduce discount through Right to Buy and give Local Authorities the right to opt out of scheme
- Enforce greater regulations for housing associations to enable them to focus on providing affordable homes
- Reassess the extension of permitted development rights to ensure the provision of the right facilities and affordable homes for the community
- Scrap the bedroom tax and benefit cap
Corbyn’s plan for energy efficient homes
- Retrofit of homes to reduce carbon emissions
- Incentivise local authorities with tax benefits for energy efficient homes
Compare Corbyn’s proposed plans under a Labour government with the Conservatives plans to tackle the housing crisis.
By Anna Symington
Please Note: Every care was taken to ensure the information in this article was correct at the time of publication. Any written guidance provided does not replace the reader’s professional judgement and any construction project should comply with the relevant Building Regulations or applicable technical standards. However, for the most up to date LABC Warranty technical guidance please refer to your Risk Management Surveyor and the latest version of the LABC Warranty technical manual.