Our CEO, Nick, thinks the Labour Party’s win presents a crucial opportunity for real reform in the housing market, urging developers, estate agents, and financial institutions to collaborate with the government to ensure Labour’s ambitious housing targets are met.
For years, successive governments have promised to tackle the significant challenges facing the housing market. But substantive change has remained elusive through cycles of partial measures that have failed to address the root causes of our housing crisis. With the Labour Party now at the helm, we have a renewed opportunity to push for genuine, lasting reform. From increasing the supply of affordable homes to tackling the high cost of renting, the new Government has pledged to create fairer, more accessible housing.
In the King’s Speech, the new Government promised significant improvements to the housing market. Building 1.5m houses over this Parliament is at the heart of this agenda. The King’s Speech included a bill setting out how that would be achieved. The Chancellor, Rachel Reeves, had already announced plans to overhaul the planning system and reintroduce mandatory housing targets.
This is a welcome promise, but the execution of this plan requires input and support from all sectors of the housing market. A cohesive effort from our industry would provide the government with the expertise and resources needed to deliver on these ambitious targets, ensuring that new housing developments are both sustainable and economically viable.
One of the most pressing issues is the need to reform stamp duty which disproportionately burdens first-time buyers and hampers mobility within the market. The new Government has proposed a progressive tax system to replace stamp duty. High stamp duty rates discourage people from moving, even when their housing needs change, leading to inefficiencies and a mismatch between housing supply and demand. A reformed stamp duty system, aligned with Labour’s vision, could alleviate these pressures, making it easier for individuals to purchase homes that suit their needs and facilitating a more dynamic and responsive housing market.
However, the last attempt at stamp duty reform brought the conveyancing industry to its knees. To avoid shocks to the system, the new Government must ensure it consults with the industry first. The sector needs time to prepare for change rather than having last-minute announcements sprung upon us.
With coordinated advocacy from within our industry, we can effect real change. The potential impact of a united housing market cannot be overstated. When companies like Movera, estate agents, developers, and financial institutions come together, we form a coalition with a powerful voice. This collective can present its case to the government more effectively, presenting a unified stance on necessary reforms and amplifying our calls for action. Such solidarity can ensure that our industry’s concerns are not only heard but addressed with the urgency they deserve.
It is only through shared goals and coordinated strategies that we can hope to overcome the entrenched challenges facing our industry. Together, we can build a future where the housing market serves everyone, from first-time buyers to long-term homeowners.
The Labour Party’s election victory offers us a fresh opportunity to advocate for meaningful change, uniting our voices to demand the reforms that are long overdue. We can transform the housing market into one that truly meets the needs of our society, fostering stability, prosperity, and hope for generations to come.
