Jeremy Corbyn’s victory: What does it mean for the housing market?

Business groups have expressed mixed reactions to Jeremy Corbyn’s election as the new leader of the Labour Party, with the Right to Buy scheme and infrastructure investment among topics discussed.  

Corbyn has said that extending Right to Buy to the tenants of private landlords could help to tackle the housing crisis. Such an expansion would mean that people renting homes privately could become owners at a big discount, in line with the opportunity currently offered to council tenants.

“We know that Generation Rent faces an uphill struggle simply to get into long-term housing,” said Corbyn. “[…] So why not go with Right to Buy, with the same discounts as offered by way of subsidised mortgage rates, but for private tenants and funded by withdrawing the £14bn tax allowances currently given to Buy to Let landlords?”

This prospect may be worrying for those hoping to sell property to first-time homebuyers, as it provides a cheaper alternative without the hassle of having to move.

The Royal Institution of Chartered Surveyors (RICS) has stated that Corbyn’s election demonstrates the ‘alternative vision’ that many Labour members and voters have for Britain, with housing and the national property trade playing a large part.

“With property, planning and development more central to Britain’s economic future than at any time before, stability and a clear vision for this sector will be crucial to securing the growth, prosperity and equity of this country for the next generation,” said Jeremy Blackburn, RICS head of UK policy.

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