3rd
Oct 2022
Shadow Prime Minister Keir Starmer pledged to attendees at the recent Labour Party conference that BTL landlords will be banned from getting in front of local first time buyers when purchasing properties.
In his sweeping speech to conference delegates he failed to fully ‘flesh out’ and explain what his proposal really meant; however he did say: “Buy to let landlords and second home owners will not get in first in front of local communities.”
He said that Labour is currently standing on its own as "the party of home ownership" and promised that when Labour is in power its target by the end of its first five year term that 70 per cent of all homes will be owner occupied.
He claimed that under the current government: "The dream of owning your own home is slipping away".
He added: "And that's a political choice. Because if you keep inflating demand without increasing supply house prices will only rise and homes become less affordable for working people."
He also told delegates the party would introduce a mortgage guarantee scheme weighted in favour to help first time buyers step onto the housing adder, he also added Labour would make sure of increasing reasonably priced housing stock to buy or rent.
In Lisa Nandy’s earlier speech she said she was determined to make sure social housing stock will become the second largest housing tenure in the UK replacing the current private rented sector’s position; the majority of the PRS landlords know that a Labour government will further reduce even the Tory’s record of ‘encouraging’ a flight of landlords exiting the sector.
The majority of Starmer’s speech centred on the economy which announced his plan of creating a state owned company GB Energy, which will provide extra energy capacity in conjunction with the private sector, as well as making the UK "a clean energy superpower and guarantee long term energy security."
He says Labour "….will make sure that the public money we spend building-up British industry, spurs on private investment, stimulates growth… and the British people enjoy the returns.
"Labour won't make the mistake the Tories made with North Sea oil and gas back in the 1980s, where they frittered away the wealth from our national resources."
His other key points included such noteworthy and repeated phrases as "fairer" and "greener" and a "more dynamic" economy, tackling the cost of living crisis by working with businesses to create new jobs and sustaining economic growth.
He also stated Labour will ensure the NHS will receive an extra 7,500 medical students every year when in power along with an extra 10,000 nurses.
Richard Merrick of PIMS, comments: “ At the end of the day money counts for property sellers and not whether the person who provides the cash is a BTL investor or private buyer, it’s obviously a puerile vote sweetener.”
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