As this week marks the countdown to the general election, find out what each political party promises for areas such as cost of living, the NHS and taxes.
A report with Goodlord and the National Residential Landlords Association (NRLA) found the most important policy areas for letting agents. Each political party's response to these policies may determine how agents will vote in this week’s general election.
The Renting Done Right report found that 70% of agents believe party policies are influential when voting for this week's election.
What policies are important for letting agents? And how are each political party responses to each policy?
- What letting agents need to know about house-building policies?
- What do political parties promise for the cost-of-living policies?
- What letting agents need to know about plans for the NHS?
- What do political parties promise for tax policies?
What letting agents need to know about house-building policies?
In Goodlord and the NRLA report, 22% of letting agents believe house-building policies are among the most influential areas parties should focus on.
Landlords also agree, with 19% believing that house-building policies are important when determining who to vote for in this week’s election.
The Labour Party has promised to get “Britain building again” by delivering 1.5 million new homes over the next parliament. They will also support local authorities by funding additional planning officers which will be done by increasing the rate of the stamp duty surcharge paid by non-UK residents.
They also plan to take the brownfield-first approach and prioritise the development of previously used land by fast-tracking approval of urban brownfield sites.
The Conservative Party are also looking to take advantage of brownfield sites and fully expense the delivery of brownfield housing.
With plans to“ensure fairness in our housing system”, the Conservatives aim to build 1.6 million homes during the next parliament. They will also abolish the legacy EU “nutrient neutrality” rules to immediately unlock the building of 100,000 new homes with local consent.
The Liberal Democrats plan to build 380,000 new homes a year through new garden cities and community-led development of cities and towns.
They also aim to build ten new garden cities and encourage using rural exception sites to expand housing and develop existing brownfield sites through financial incentives.
What do political parties promise for the cost-of-living policies?
51% of letting agents believe that how a party can manage the cost of living crisis will sway their decision to vote in this week’s general election.
The cost of living crisis is more important to letting agents than landlords, with only 17% finding it important.
But how will each political party deliver to stabilise the cost of living crisis?
The Reform Party wish to “Unlock Britain’s vast oil and gas reserves to beat the cost of living crisis and unleash real economic growth”.
To do this, the party will cut energy taxes, and save households over £500 per year. They will aim to lower fuel duty by 20p per litre as well as scrap VAT on energy bills and environmental levies.
For the Green Party, the cost of living crisis will be tackled to benefit the poorest in society. They plan to make the social security system fairer and “less punitive” with the following points:
- Increase universal credit and legacy benefits by £40 per week
- Abolish the two-child benefit cap
- End the ‘bedroom tax’
- In the long term, introduce a universal basic income for everybody
The Scottish National Party plans to end the cost of living crisis by delivering independence to the country. They also will provide “urgent support for household finances and reducing the impact of rising interest rates and inflation”.
With the SNP, there will be a class for statutory social tariffs on energy, broadband and mobile charges. They will also push for an annual uplift in Local Housing Allowances while ensuring to also take into consideration rental prices.
What letting agents need to know about plans for the NHS?
Both landlords and lettings agents believe NHS policies are important when determining who to vote for. The Renting Done Right report found that 41% of letting agents and 40% of landlords believe that any policies with the NHS are important.
But how will each political party deliver to stabilise the NHS?
Plaid Cymru promises to receive “fair funding from Westminster” to invest in the Welsh NHS workforce and restore 8.7% to the Welsh health budget. The party also plans to recruit 500 GPs into the country over two terms.
There will be a further availability of degree apprenticeships in the healthcare sector to provide more opportunities for young people.
For the Conservative Party, there will be plans to increase NHS spending above inflation every year and recruit 92,000 more nurses and 28,000 more doctors.
The party have also introduced “The NHS Long-Term Workforce Plan” to focus on local communities. This will include:
- Expand Pharmacy First to free up 20 million appointments a year
- Build or modernise 250 GP surgeries which will focus on new housing growth
- Build 50 more Community Diagnostic Centres
In their manifesto, the Reform Party says “Imagine No NHS Waiting Lists” with the promise to cut back office waste and spend more money on the front line.
In the first 100 days, the party will end doctor and nurse shortages, with all frontline NHS and social care staff to pay zero basic rate tax for three years. They will also use Independent Healthcare and implement a 20% tax relief for all private healthcare and insurance.
What do political parties promise for tax policies?
Understandably, tax is a key policy for both landlords and letting agents. With 31% of letting agents and 39% of landlords believe it is a key policy which may sway their vote in the upcoming elections.
Tax is a key policy for all parties in their manifestos; here are some promises made by the three parties.
The Labour Party wish to “Deliver Economic Stability” by installing tough spending rules, to grow the UK economy and keep taxes, inflation and mortgages as low as possible.
There are also plans to not increase taxes on working people “which is why we will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”.
The Liberal Democrats will implement a tax policy that recognises how high the Conservative Party has raised personal taxes. They will focus on tax changes on reversing the previous party’s tax cuts “for big banks and imposing a proper, one-off windfall tax on the super-profits of oil and gas producers and traders”.
The party has also promised to give the HMRC the resources it needs to tackle tax avoidance and evasion.
The Green Pary manifesto calls for “Taxing wealth fairly and borrowing to invest”, with elected MPs to push for major changes to the tax system to simplify and align the rates of tax paid on income.
The party’s manifesto also plans to “A Wealth Tax” which will create a 1% annual tax on assets above £10 million. They would also reform the Capital Gains Tax to align rates paid by taxpayers on income and taxable gains
It is important to note that manifestos are guidelines and not rules that political parties must stick to if elected.
