Land and House Prices
We must end the problem of the unsustainable growth in house prices. Our Government will have an explicit goal of bringing average house prices back within the reach of the average citizen. Houses over time should cease to be seen as commodities or assets, but primarily as a decent place to live, a home. To achieve this, we will:
Bring forward proposals for a new and fairer land and property tax, levied as a flat rate on owners not occupants based on up-to date values, to replace first business rates, and then, council tax.
Reform compulsory purchase so land can be acquired at existing use value.
Enact a new Community Rights Act and explore a community wealth fund to empower communities to buy community assets, including land, and a new national service to support them in the process.
We would explore proposals for a Property Act to provide a legislative foundation for our commitment to ensure homes are genuinely affordable for people on local incomes.
Introduce a moratorium on the sale of public assets, including land, into private hands without robust covenants to ensure they remain of community and public benefit.