What Labour’s new housing policy means for you

If you’re renting


It’s likely your
rent will go up at the next opportunity. This may or may not be
related to the policy changes, since landlords can raise the rent for
any reason. Your rent may go up as a result of higher prices for
potatoes as well. You didn’t really think that Labour designed this
for you, did you?





If you’re owning
your own home


This used to be
pretty much the norm for most people over 30 in this country, but now
it is considered a weird exception. Just go to an open home and check
out how many other potential buyers are looking for a family home.
Not many. For you, nothing will change because you will still only
own one home. And you can’t sell it because in the time span
between the sale going through and you buying another home, prices
will have gone up so much that you won’t be able to afford it. So
stay where you are and don’t rock the boat. And don’t lose your
job.

 





If you own a rental
property


Not much will change
for you either because you can always recover lost income from tax
deductions from your tenants. The Real Estate Institute has already
threatened that: “Many landlords are likely to increase their rent
in the coming years as they look to offset the costs”. With costs
they mean income tax. 

 





If you own multiple
investment properties


You probably already
have all your properties in trusts where you don’t pay any taxes,
or claim all of them as your own personal home, so not much changes
for you. It’s unlikely that the government will send people around
to check if you are actually living in any of these houses. After
all, you’re a trustworthy capitalist. 

 





If you’re looking
to buy a first home


Come on, really?
Dream on. The First Home Grant and Loan scheme? You’ll have to earn
the right amount, find a house for less than 60% of the average price
and convince a bank to loan you 95% on it – how likely is that?


 


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