Labour Ahead of Conservatives in Opinion Polls: Impact on Housing Market if Keir Starmer Wins 2024 General Election

Labour’s latest lead in the opinion polls has sparked discussions about how a potential win for Keir Starmer could impact the housing market. Property expert Jonathan Rolande believes that a Labour victory in the 2024 General Election could bring significant changes to the industry.

One key aspect that could see a revival is the Renter’s Reform Bill, which is expected to return with a renewed focus under a Labour government. Jonathan predicts that the bill will be “super-charged” and could have major implications for landlords and tenants alike.

Additionally, Labour has ambitious plans to address the housing shortage by building 300,000 new homes annually for five years. This rapid house building program could help alleviate the housing crisis that has plagued the UK for decades.

If Starmer wins the election, five key issues could be on the agenda, including penalties for landlords with poor-quality housing, potential abolition of leasehold in England and Wales, and changes to council tax, particularly for empty properties.

Despite the uncertainty surrounding these potential changes, the property market has shown signs of recovery in recent months, with prices remaining stable. Jonathan noted that housing is finally becoming a crucial issue for politicians and voters, signaling a growing awareness of the importance of addressing housing challenges in the UK.

Overall, the property market appears resilient, with the sales market holding up well and the lettings market seeing some stabilization after years of inflation-busting price increases. However, the Bank of England’s cautious approach to potential property booms may indicate challenges ahead for the industry, with interest rate reductions not materializing as some had expected.