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10 Oct, 2023

Labour Promises 1.5 Million New Homes

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    1.5 Million New Homes Promised during Labour Liverpool Conference

    During the party’s conference in Liverpool, Labour promised to build 1.5 million new homes across the UK and a wave of new towns.

    Let’s look at what Keir Starmer had to say in greater detail and explore what effect it could have on property investors today.

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    Labour Promises New UK Properties and Towns

    “It’s time to get Britain building.”

    This was Starmer’s slogan during his conference speech, reiterating the announcements made in the morning before he took to the stage.

    In his speech, he added:

    “It’s time to build 1.5 million new homes across the country… new infrastructure, roads, tunnels and power stations.”

    Starmer also stated that buying homes should be a “privilege for the many.”

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    New Towns Will Means More Property Investment Opportunities

    The Labour leader also confirmed the party’s desire to build new towns across the country, harkening back to the new towns built after the Second World War by Clement Attlee’s Labour government.

    These towns, including Crawley and Stevenage, have a population of three million people.

    Starmer added: “Sometimes the old Labour ideas are right for new times”.

    Keir Starmer went on to say that assurances on new energy, transport and water infrastructure, as well as a focus on schools and much-needed GP surgeries, are “hardwired into plans”.

    “And no, this doesn’t mean we’re tearing up the green belt,” he said, firing back at the Conservative assertion that Labour planned to build on the UK’s green spaces.

    Instead, Starmer said he wanted to eliminate things like unused car parks to make way for buildings “critical for our economic growth”.

    Sustainability and property investment often go hand-in-hand in 2023, and having eco-technology at the forefront of consideration will typically lead to more robust investments.

    For more information, check out our guide to Urban Regeneration in the North West.

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      Final Thoughts on UK Housing Promise

      It seems fitting that Labour would promise such a massive UK housing initiative in Liverpool. 

      The area has seen substantial residential investment in places like the Baltic Triangle, where off-plan properties are the cornerstone of the area’s regeneration efforts.

      In addition, new properties for sale in Liverpool – and the North West region – are generally seen as a buy-to-let hotspot, thanks to promising rental prices and high rental yields.

      For instance, according to HM Land RegistryLiverpool’s average property price is £177,224.

      However, rental yields in some parts of the city exceed 7.7%, well above the national average of 5.2%.

      Savills estimates the region will enjoy 11.70% capital appreciation by 2027 – the best prediction in the entire country.

      With new homes promised nationwide, buy-to-let investors could benefit from Liverpool’s attractive property market over the next decade.

      As the country grapples with a supply and demand issue in the rental market, 1.5 million new homes could benefit renters and investors.

      If you’re interested in property investment, RWinvest has many guides to help you get started. For instance, you can learn more about serviced accommodation or stay up-to-date with the Liverpool buy-to-let sector!

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      Dale Barham

      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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