Labour vows to help first time buyers get on the property ladder

By Michelle Rock

Labour is appealing to the first time buyer vote by pledging to build more houses and introduce three-year tenancies with limited rent rises.

David Orr, chief executive of the National Housing Federation, believes many would-be first time buyers are unable to save enough to buy a house because they have "no alternative but to move from one short-term let to the next." Ed Miliband is pledging to introduce security for tenants by introducing three-year tenancies and restricting how rent can be increased by landlords.

Labour are also pledging to address the property shortage in Northern Ireland and the rest of the UK. It has previously been estimated that 250,000 new build houses are required in the UK every year, but that target has never been met. There were less than 125,000 new homes constructed in 2014 for the 6th year in a row, making it the lowest rate of property construction since the 1920s. The Labour party are vowing to reach a target of 200,000 new homes every year by 2020.

If you are buying, selling or remortgaging a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.