AS LABOUR HEADS TOWARDS VICTORY ON JULY 4 – PROPERTY EXPERT PREDICTS THE 5 THINGS THAT WOULD HAPPEN TO HOUSE MARKET UNDER KEIR STARMER

A PROPERTY expert has set out the five major changes he believes will happen in the housing market if Labour wins the General Election.

Keir Starmer is widely expected to triumph on July 4, and secure the keys to a new home at 10 Downing Street.

And Jonathan Rolande said five things are likely to happen more widely in the housing sector after Starmer unpacks.

Mr Rolande, the founder of House Buy Fast and a spokesman for the National Association of Property Buyers said:  “Assuming that Labour win, the first major impact will be that we will see the  Renter’s Reform Bill return, and it will likely be super-charged.

“Labour hopes to build 300,000 new homes a year for five years. This should be just a start to make up for the enormous shortfall over previous decades. But I do expect to see Starmer to signal the start of a rapid house building programme.

“Thirdly, landlords can expect to be penalised for poor quality, energy-inefficient housing.

The market should prepare themselves for this right away.

“Fourth, leasehold looks set to be abolished. How much better it’s replacement is remains to be see and is a cause of some concern in the market.

“And, finally, we can expect to see council taxes change with more penalties for those holding an empty property.

“Housing does, for the first time in decades, feel like it is actually becoming a significant issue for politicians and the electorate.

Mr Rolande’s comments come at the midpoint of the year.  Reflecting on what have been the biggest takeaways of 2024 in the property sector he said: ” The sales market is resilient. Prices have held up surprisingly well.  The lettings market may be reaching its peak, with inflation-busting rises over recent years, but things have quietened down a little.

“The first six months have shown us how, without doubt, the Bank of England isn’t keen on property booms. Many had predicted interest rate reductions by now – but they’ve been left disappointed.”