MARKET
Levelling Up – what does it mean for first time buyers? Headlines have been full of the Government’s “levelling up” policies to ensure jobs and homes for all. But, with rising energy costs and property prices spiralling, Ginetta Vedrickas asks whether the strategy will help first time buyers WHAT IS LEVELLING UP? The term “levelling up” was originally part of the Conservative Party’s 2019 election manifesto. The Rt Hon Michael Gove was appointed Secretary of State for Levelling Up, Housing and Communities on 15 September 2021, tasked with the job of improving opportunities right across the country in a bid to end regional disparities. On being appointed, Gove said that the new strategy would ensure that people and communities who feel that they are being left behind can catch up with more job opportunities and better housing and that the levelling up plans would “shift both money and power into the hands of working people”. Contained within the strategy was the idea of devolving power out of London and the South East to areas which have traditionally struggled economically, with the intention, the Government says, of “spreading opportunity”, “backing community life” and “restoring local pride” to cities, towns, coastal areas and villages that may have been left behind. The Government promised £4bn of grant investment into its levelling up fund, with money earmarked for new infrastructure such as roads, ports and cycling lanes, as well as regenerating town centres. Michael Gove recently unveiled specific new measures to help improve the lives of people in Blackpool – which has eight of the 10 most deprived neighbourhoods in the country. The levelling up package includes a crackdown on rogue landlords by scaling up the local enforcement team to deliver more action on those not meeting current standards, plus a regeneration programme to create new homes and boost tourism. Longstanding neglect by some local landlords has led to Blackpool experiencing some of the UK’s worst housing conditions, with at least one in three properties classified as “non-decent”. Blackpool is also among 20 areas in
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England set to receive a “King’s Crossstyle” transformation through what the Government is calling “an ambitious regeneration programme”. Homes England will work with local leaders to find new opportunities for regeneration, delivering new homes and jobs for the community. Levelling Up Minister Neil O’Brien MP is on record as saying that a key part of levelling up is creating “a fair and just housing system that works for everyone”, which includes supporting more first time buyers to move on to the housing ladder: “Far too often when buying and selling properties, deals fall through, costing young people thousands of pounds in wasted expense. By providing all the necessary information up front, this can be avoided, and it will make the process of buying a first home much easier and more cost-effective.” By the end of May 2022, all property listings must contain a
property’s council tax band or rate and the property price and tenure information.
COST OF LIVING RISES The levelling up programme comes at a time when many of us are feeling poorer, with a major concern being the threat of rising energy prices. With a record increase in global gas prices, Ofgem recently announced a 54% increase to the energy price cap from 1 April highlighting the fact that more needs to be done to quickly reduce the reliance on fossil fuels. Transport costs invariably impact upon everything, from food to costs of building materials which makes renovating a home more expensive.
First Time Buyer June/July 2022
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