London Mayoral Election: The Property Policies

Industry Insight March 25th, 2016
London Mayoral Election: The Property Policies

It’s not long until the London Mayoral Election, so what are the property policies of the candidates?

It is under 6 weeks now until May 5th when the London Mayoral Election will occur. Two candidates, Sadiq Khan (Labour) and Zac Goldsmith (Conservative), will try to gain victory by winning the majority of support from the millions of Londoners. The Property Policies of the two candidates will be central to their ability to appeal the electorate. Although there are candidates from the other smaller parties, there has been little coverage of them, and we believe they will harness little threat to the two main parties.

Currently, the London housing crisis is one of the biggest problem for Londoners, with it being voted (in a YouGov Poll) as the top priority for the mayor by 61% of Londoners, compared to 46% for transport and 35% for policing. It is now one of the key policies to define the manifestos of the candidates. Both candidates have made housing one of their main priorities to solve.

So how exactly do the candidates’ property policies plan to deliver more affordable housing to the Capital, and how exactly do they differ?

property policies

Sadiq Khan’s Property Policies:

  • Ensure a minimum of 80,000 new homes per annum
  • Add a 50% affordable housing target for new developments
  • New team at City Hall to fast-track the building of affordable homes
  • Build on land owned by public bodies
  • “First-dibs” to firth-time buyers and local tenants rather than investors
  • Add rent controls that limit rent to a third of the average local income rather than market rates
  • Establish a London-wide not-for-profit agency to promote long-term tenancies
  • Landlord licensing scheme to name and shame bad landlords and promote good ones

property policies

Zac Goldsmith’s Property Policies:

  • Double planned home building to 50,000 a year by 2020
  • Give Londoners “First Dibs” on new homes instead of investors and foreign buyers
  • Ensure there is a large proportion of available rental properties
  • Build two new affordable home for every one high-value council home sold under the government’s “Right-to-Buy” scheme

Many Londoner’s hope that the new Mayor will be able to make more an impact on the current housing crisis than the government have been able to do since their re-election in 2015. We look forward to seeing more developments in the Mayoral Property Policies as the campaign progresses.

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