On Tuesday, Britain’s governing Conservatives made a significant pledge to voters: if re-elected on July 4, they aim to construct 1.6 million homes over the next five years.
This commitment came as Prime Minister Rishi Sunak unveiled his party’s election manifesto, detailing their future policies.
Sunak emphasized that increasing housing construction would be achieved by accelerating planning approvals and “scrapping defective EU laws”.
He stressed the need for a more efficient planning process to meet the ambitious housing target, indicating a push for reforms that would facilitate quicker development.
Moreover, Sunak announced a crucial change for first-time homebuyers.
He declared that stamp duty, a tax levied on property and land purchases over a certain value, would be permanently abolished for first-time buyers purchasing homes worth up to 425,000 pounds ($541,000).
This move aims to ease the financial burden on new homeowners, making property ownership more accessible to a larger segment of the population.
The current exemption on stamp duty for first-time buyers is set to expire at the end of March 2025.
By making this tax cut permanent, Sunak hopes to encourage more first-time buyers to enter the housing market, supporting broader economic growth and stability.
In his statement, Sunak underlined the importance of housing in the Conservative Party’s agenda.
“More homes would be built by speeding up planning approvals and scrapping defective EU laws,” he reiterated, highlighting the dual approach of legislative reform and tax relief to achieve their housing goals.
The proposal reflects the party’s broader strategy to address housing shortages and support economic development.
By focusing on both policy reforms and financial incentives, the Conservatives aim to present a comprehensive plan to voters, demonstrating their commitment to tackling one of the country’s most pressing issues.
With the election approaching, the Conservatives’ housing pledge is a key part of their campaign, seeking to secure voter support through promises of increased housing availability and reduced financial barriers for first-time buyers.