By Andy Wade – Director Gallant Richardson Colchester
What can Property Buyers and Sellers Expect From a New Labour Government?
As Colchester elected its first Labour MP since 1945, Pam Cox, a former Essex University Professor won a convincing victory in the 4th July General Election. In an acceptance speech, Mrs Cox said –
‘This is a historic result for us – Britain’s first city, founded over 2,000 years ago, has just elected its first woman MP and its first Labour MP since 1945.
This result has also been made possible by a changed Labour party – a party which has won back the confidence of people around the country and now seeks to serve their interests above all else’.
What is Labour’s position on Housing?
As the newly elected Labour leader Sir Keir Starmer moves into 10 Downing Street, many of us turn our thoughts to what Mr Starmer and the newly appointed Minister for levelling up, housing and communities Angela Rayner have in store for the local home movers in Colchester, exactly what we can expect from the new Labour Government?
The Labour Party’s first budget and fiscal update may not come until at least September, it’s likely we will have to wait until this time to see what the new Government’s major political announcements will be.
Although In the pre-election Labour Party Manifesto (2024) ‘Change’, Sir Kier does clearly set out his party’s housing objectives.
The Labour Manifesto states –
New Laws –
‘We will make new laws so that local people in England have more say in decisions to make their area better. Like decisions about transport and housing.’
Building New Towns
‘We will have a plan for the next 10 years to get better roads, transport and other important things the country needs.
Our plans include:
- Making roads good and safe for everyone.
- Better bus services for local areas.
- Changing towns to make them better and building new towns.’
Build 1.5 Million New Homes
‘Many people cannot afford their own home.
We will change this by building 1.5 million new homes.
That includes more housing that is cheaper to rent or buy. Like social housing.’
Although slightly at odds with the positive messaging in their Manifesto, the Labour Party have announced that First-time buyers are set to see their Stamp Duty exemption reduced back to £300,000 from April 2025 but have promised a Freedom to Buy scheme.
The Labour Party’s announcement to lower the Stamp Duty threshold for first-time buyers from £425,000 to £300,000 in April 2025 leaves us wondering if the party will introduce any major initiatives that will make it easier to get on the property ladder, given their Manifesto commitment.
Local buyers are certainly looking for Labour to fulfil its pledge to introduce the Freedom to Buy scheme, as they remain concerned that buying a first home continues to be very challenging.
Time will tell if we can trust the new Labour Government to deliver on its promises, we will keep you posted.
July property Market in Colchester
Despite the General Election, the local property market has been active throughout the period, with with many of the house hunters that had previously paused their search whilst there was some uncertainty, but soon resumed once the likely outcome was all but confirmed.
Now that the Labour Party has been elected and economists predict a likely interest rate cut over the coming months, we expect further buyers to follow suit.
Some of the homes recently listed for sale in Colchester
House for Sale in Peldon – £700,000
House for Sale in Mile End – £450,000
House Sold in Colchester – Guide Price £350,000
House for Sale in Colchester – £350,000
House Sold in Colchester – £325,000
Apartment for Sale in Colchester – £270,000
Considering a Move to Colchester
With strong demand for properties both for sale and to rent in Colchester at the moment, we have many first-time buyers and renters looking for a home in Colchester and the surrounding areas.
If you are considering a move please feel free to call our office, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
You can also see our ‘Recently Sold Properties’.
Andy Wade – Gallant Richardson
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