© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
"We hope that making it easier to convert houses into flats will boost private rentals and create more right sized homes. Our research has shown that 46% of downsizers say that a lack of suitable housing is a barrier to them moving. But the government doesn’t have a good track record on extending Permitted Development Rights. The quality element can be missing and is too often not up to standard, as we have seen with these office to flat conversions,.
Standards need to be maintained as deregulation in this area does mean a greater risk of bad conversions - for example, minimum space standards are often not adhered to. And unlike when you buy a new home, buyers of these conversions will not be given a warranty. Potential buyers will need to be educated about the risks and an independent survey will be a must. Newly converted flats without planning permission should be required to be subject to more stringent building control checks. "
But there was very little to help homeowners and first time buyers. We welcome the commitment to build more homes, but the proof is in the pudding - will these houses really be built, be affordable and in places people want to live?
First time buyers need more of a hand up. There are more barriers now than ever and yet we've heard nothing today to help give young hardworking Brits to achieve the security and safety of their own home.
Instead the government continues to turn a blind eye to their plight. The Bank of England’s approach to tackling inflation means homeowners bear the brunt with soaring costs of borrowing. To get on the ladder, first time buyers need astronomical deposits, are older than ever and have to spread their mortgage term over 35 years or more. And yet the government seems unaware of the reality faced by first time buyers. They haven’t even used the autumn statement to extend the mortgage guarantee scheme which is due to end this December, and encouraged lenders to offer 95% mortgage deals.
It's a real shame that the Chancellor didn't deliver on the much anticipated shake-up of the ISA savings market. The Lifetime ISA £450k limit to buy a home is way too restrictive and unreasonable. The £450k was set 5 years ago. If the limit was increased in line with property prices it would sit at £560k today. And the exit penalty must be scrapped, especially as many savers will find that the government is stopping them from using their savings to buy their first home because of the limit.
We will continue to call for a permanent end to stamp duty for those buying a home to live in. Stamp duty is a tax on ambition. Its presence clogs up the housing market and creates distortions and unintended consequences.