Zoopla: Labour win in General Election would be bad for housing

Charlotte Henry
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Miliband’s property policies have been criticised by Zoopla
Zoopla, the online property portal, says that a Labour victory in next month’s General Election would be bad for the housing market.

The firm believes that the party’s policies could have a particularly negative impact on first-time buyers.

Zoopla say Labour’s proposal to restrict banks and building societies that accept deposits under the new Help to Buy ISA scheme, and dictate how the institutions lend these funds, could lead to some pulling out of the scheme.

An industry source added: “The complexity of the scheme could be a disincentive to organisations offering the Help-to-Buy ISAs.”

There is also strong criticism of Labour’s so-called mansion tax on properties valued over £2m. Zoopla fears it could drive down prices at the top, forcing more people to compete in the crowded market just below

Zoopla’s Lawrence Hall said: “It seems likely that a Miliband win in May would have a negative impact on the UK housing market in the short to medium term.”

Duncan Stott, director of the affordable housing campaign Priced Out, responded: “The real problem with Labour’s housing policies is that they are far too timid.”

Housing minister Brandon Lewis said: “Our long-term economic plan is getting Britain building again and is helping people achieve their dreams of home ownership – the biggest threat to this is Ed Miliband in government.”

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