Just Mortgages comments on Tory manifesto launch
11 June 2024
Following the release of the Conservative Party manifesto, which pledges to re-introduce Help to Buy, abolish stamp duty for first-time buyers and build 1.6 million new homes, we have a comment from Just Mortgages.
Just Mortgages is one of the largest mortgage brokers in the UK, with more than 650 advisers working across both employed and self-employed divisions. It is part of Spicerhaart, the UK’s largest independent estate agency and property services group.
John Phillips, CEO of Spicerhaart and Just Mortgages, said: “The Prime Minister and his party has announced some significant pledges to bring some much-needed support to the housing market. The question is now whether they will be enough, along with other measures, to help turn the tide and overcome the considerable momentum and lead Labour has built in the polls.
“Many across the industry have long called for a return to Help to Buy. While opinion is split on its legacy, there’s no denying its success in getting people onto the housing ladder. In its absence, Shared Ownership has become the only way for many to make their dreams a reality – especially in the current climate with clear affordability pressures. If successful, I’d like to see this include second-hand properties to increase the options available to first-time buyers.
“We have all seen the impact a stamp duty cut can have – both positively and negatively. While this certainly does drum up demand and help with affordability, a permanent removal is the only way to avoid a cliff edge deadline like ones previously seen, which gummed up the wheels of the entire sector and caused incredible stress and strain.
“Given the track record of governments on housebuilding figures, we should probably take this 1.6 million with a pinch of salt – especially as it struggled to meet its previous target of 300,000 homes per year. There’s no question that increasing supply is incredibly important and long overdue. The return of Help to Buy will certainly help, giving builders, developers and lenders and popular and proven mechanism to meet the demands of the market and to get building.”
