Housing affordability is a critical issue in the UK, and many people find the dream of homeownership difficult to achieve.
Following Labour's recent landslide election victory, Angela Raynor was appointed as the new Secretary of State for Levelling up, Housing and Communities. She has been tasked with tackling the current housing crisis.
Housebuilding and enabling affordability for first-time buyers are key to Labour's campaign.
The Party has proposed a range of policies to address the challenges faced specifically by first-time buyers.
This guide briefly summarises some of those policies and outlines how Myerson's Residential Property Solicitors can assist first-time buyers.
What are Labour's policies for first-time buyers?
Building more homes
Labour has pledged to get Britain building again by increasing the supply of new homes.
The Party aims to create jobs across England with 1.5 million new homes over the next parliament and aspires to help 80,000 young people onto the housing ladder over the next five years.
By creating more homes, the Party believes that this will relieve the pressure on current housing prices, which will, in turn, help first-time buyers reach their dream of home ownership.
How can we help?
No matter what type of property is being purchased, we have the specialist knowledge to handle your transaction.
We recognise that no property is the same.
Our team of qualified residential property solicitors will ensure that you understand the contract terms and advise you of any potential encumbrances that could affect your use of it.
A Freedom to Buy Scheme to help people secure a mortgage
Labour has also pledged to introduce a permanent Freedom to Buy mortgage guarantee scheme to help first-time buyers overcome the typical financial barriers to home ownership.
Whilst not many details are confirmed at present, Labour's manifesto states that its intention is to support those "who struggle to save for a large deposit".
How can we help?
At Myerson, we have built strong relationships with mortgage brokers who can recommend the best product for you.
Upon receipt of your mortgage offer, we will prepare a report outlining the key details, such as the term, rate and any special conditions.
Regulating the Housing Market
Labour has also pledged to allow local people first refusal on new developments.
They have promised to work closely with local authorities to "end the farce of entire developments being sold off to international investors before houses are even built and local people get a look in".
How can we help?
At Myerson, we are experienced in dealing with new build developments and aim to make the transaction seamless.
We will liaise with the developer's solicitor directly and always keep you updated.
Affordable Housing Targets
Labour has pledged to enforce strict affordable housing targets to ensure that new developments include homes that first-time buyers can afford, delivering the biggest boost to affordable housing in a generation.
How can we help?
At Myerson, we are excited by the prospect of helping more first-time buyers. We are not confined by geography; therefore, no matter where your property is located in England or Wales, we can assist you.
Upon receipt of your Local Search, we will highlight the different planning permissions, building regulation consents, road schemes and enforcement actions which currently impact your property.
We aim to ensure that, when you exchange contracts, you are confident that your first home is perfect for you.
Contact Our Residential Property Solicitors
At Myerson, we are excited to see the above policies materialise and look forward to assisting more first-time buyers in the near future.
If you are a first-time buyer and require professional legal advice, we would happily assist you, you can contact our Residential Property Solicitors on:
01619414000
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Heather Adams
Partner & Head of Residential Property
Heather has over 24 years of experience acting as a Residential Property solicitor. Heather has specialist expertise in unregistered land, registration of possessory title, registration where deeds have been lost or destroyed and prescriptive rights of way.
About Heather Adams