Introducing your new Labour party property players

The election is over and a new Government has formed. As we enter into a period of adjustment and anticipation, it’s good to identify who the new movers and shakers are when it comes to the property market.  

There are four ministers who will make future announcements concerning buying, selling, renting and investing in property. Here’s a guide to your new Labour party property players, together with their stances on the market:-  

Prime Minister, Sir Keir Starmer: like previous leaders, Starmer is sticking to the line that homeownership should be open to – and easier – for more people. This is despite Labour traditionally being viewed as a party of the renting masses. One of Starmer’s first pledges was to address mortgage availability for those with low deposits.   

A mortgage guarantee scheme for buyers with 5% deposits was introduced by the previous Government but as a temporary benefit, it was due to end on 30th June 2025. Starmer has announced that this initiative, which sees the Government acts as guarantors to lenders, will become a permanent fixture, rebranded as ‘Freedom to Buy’.  

Chancellor, Rachel Reeves: the Chancellor will be tasked with delivering Labour’s first Budget in the autumn but she didn’t delay in announcing her intentions. Her immediate post-election focus was on property.  

The party’s ambition is to create 1.5 million new homes during its time in parliament, with local authorities being given population-based house building targets. Helping the cause will be a more liberal approach to building on some poor quality, green belt land, a review of planning processes and the employment of more planning officers.  

Deputy Prime Minister & Housing Secretary, Angela Rayner: perhaps even more vocal on property issues than Starmer and Reeves put together is Angela Rayner. She used the election run up to be very clear on her rental reform stance. Championing the tenant, Rayner wants to see Section 21 evictions banned as quickly as possible, although her threat to abolish them immediately didn’t materialise. Instead, it’s reasonable to think a court reform will take place before a ban takes effect.  

Other reforms Rayner is keen to introduce – most likely as part of an amended Renters’ Reform Bill – include requiring private rentals to possess an EPC of C by 2030; an end to bidding wars between tenants that start by the ‘auctioning’ of available rentals; an extension of Awaab’s Law to the private rental sector; a landlord’s register; a cap on the value of upfront payments to secure properties and potentially a change to the duration of notice landlords need to give tenants.  

Minister Of State for Housing & Communities, Matthew Pennycook: our 10th housing minister in the last five years will report to Angela Rayner but Pennycook is expected to be influential when it comes to planning and policy matters.   

He is the MP for Woolwich & Greenwich in London, occupied the role of Shadow Housing Minister from 2021 until the election, and served as a member of the Renters’ (Reform) Bill Committee and the Leasehold and Freehold Reform Bill Committee. At the time of writing, Pennycook was yet to make a public announcement concerning his vision for the property market.   

Thinking of moving soon? We’ll help you understand how the above may shape your plans. Contact us for a property chat.