Conservative promises

1 06 2015

Much has been written about what the Conservatives promised in the next five years, but here is an overview from their manifesto:

  • To extend the “Right to Buy” to 1.3m housing association homes in England.
  • To build 200,000 homes for the first-time buyers aged under 40, and sell them at a discount of 20% below market price
  • To deliver an additional 275,000 affordable homes by 2020, as well as 10,000 new rental homes at “below market rates” to help people save for a deposit.
  • To “at least” double the number of custom and self-built homes by 2020, partly by requiring councils to allocate land to local people to build or commission their own home.
  • New Help to Buy ISA’s for first-time buyers to help them get a deposit for a house. Aspiring homeowners will have access to a Help to Buy ISA, which will top up 350 for every £200 saved towards a deposit, up to a maximum top-up of £3,000.
  • Buyers with a 5% deposit can apply for a five-year, interest-free government loan equivalent to 20% of a new-build property’s value under the existing Help to Buy Scheme. This was due to be pulled next year, but will now be extended until 2020.
  • Alternatively a Help to Buy mortgage guarantee allows potential buyers a better chance of a mortgage to buy a home with a 5% deposit, with the government protecting lenders if the borrower defaults. This will now remain until 2017.
    To create a £1bn Browfield regeneration fund to unlock sites for 400,000 homes.
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