November 21, 2019

More homes, more homeowners, and a better deal for renters under the Conservatives

The Conservatives are today setting out how a Conservative majority government would deliver more houses, help more people buy their own home and deliver a fairer deal for renters. One million new houses were delivered in the last five years, including a quarter of a million homes last year – the highest in almost 30 years.

Building on this achievement, the Conservatives will:

  • Deliver at least another million homes in the next five years, making further progress towards the target of 300,000 new houses a year by the mid-2020s.
  • Help renters buy. There are currently 2 million renters who could afford mortgage payments but struggle to save for a deposit. A new market in long-term fixed rate mortgages, requiring only 5% deposits, will make it easier for them to buy.
  • Provide discounts for local first-time buyers. Under a new First Home scheme, homes will be sold at a 30 per cent discount to local first-time buyers.

At the moment, renters can struggle to find money for the deposit on a new property while they still have money tied up in the deposit on their previous property. Under the Conservatives, renters will be able to have Lifetime Rental Deposits which can be transferred from one rental property to another, making the process of moving home easier and cheaper.

This is in addition to a ban on so-called “no fault evictions”, which can cause anxiety for renters and leave them unable to challenge their eviction.

Prime Minister Boris Johnson said:

“The Conservatives have always been the party of homeownership, but under a Conservative majority government in 2020 we can and will do even more to ensure everyone can get on and realise their dream of owning their home. At the moment renting a property can also be an uncertain and unsettling business, and the costs of deposits make it harder to move. We are going to fix that.
“A Conservative majority government will empower renters and give them greater peace of mind. We will end no fault evictions, so that landlords can’t remove tenants without good reason, and introduce Lifetime Rental Deposits so renters don’t have to save up for a new deposit while their money is tied up in an old one.
“It’s because we will get Brexit done that we can focus on helping people get on the property ladder or move up it, whereas Labour’s plans for two chaotic referendums would hold this country back.”

Robert Jenrick, Secretary of State for Housing, Communities and Local Government, said:

“A Conservative majority Government will make sure we have the homes we need in every part of the country. We delivered one million homes in the last five years and we’ll deliver at least another million in the next five years.
“We’ll help renters make the leap onto the housing ladder and we’ll provide discounts for first time buyers in their local areas.
“It’s only by getting Brexit done with the Conservatives that we can concentrate on growing the number of homes and homeowners – whereas Labour would dither and delay for another year in pursuit of two more chaotic referendums.”

Region Labour's Pension Tax (£) Extra Months to Work
England 11,167 44
East Midlands 6,150 50
Greater London 12,871 45
North East 9,758 38
North West 6,835 47
South East 14,270 40
South West 7,407 45
West Midlands 10,729 41
Northern Ireland 13,718 35
Scotland 10,653 41
Wales 11,691 36
United Kingdom 11,253 43

Commenting, Therese Coffey, Secretary of State for the Department of Work and Pensions, said:

“Corbyn’s Pension Tax will see ten million savers facing a huge bill forcing them to delay their retirement for almost three and a half years.
“This is just one of the ways a Corbyn government would hammer hardworking people on top of his plans to hike up taxes by £2,400 a year, as well as the cost of his plan for unlimited immigration and the chaos of 2020 being dominated by two more referendums – one on Brexit and another on Scottish independence.
“Only Boris Johnson and the Conservative Party can get Brexit done with a deal, get parliament working again and turbocharge our economy to unleash Britain’s potential.”

Read more about how this Pension Tax will impact millions of savers (PDF)