Policy in practice: pre-election 2024 – real estate

 In the first of our pre-election policy in practice podcasts, David Gauke, Dan Marriott and Rachael Ashton discuss property policy in light of the party manifestos ahead of the General Election.

They cover: 

• the current legislative picture and the importance of leasehold reform and tenant empowerment; 
• the Leasehold and Freehold Reform Act and the Renters Reform Bill; and
• the proposed approaches to housing and planning, including ground rent proposals.

If you would like more information or want to discuss any of the topics in this podcast, please get in touch with David, Dan and Rachael.

Episode summary

In the first of our pre-election policy in practice podcast episodes, David Gauke, head of public policy at Macfarlanes, is joined by real estate partner Dan Marriott, and real estate senior associate Rachael Ashton, to discuss recent legislative developments in the real estate sector. The discussion highlights the substantial reforms pushed by former Housing Minister Michael Gove, particularly concerning leasehold reform and tenant empowerment, and notes the cross-party interest in these issues, despite a level of uncertainty created by the upcoming election.

Rachael outlines the legislative changes that were processed before the election announcement, specifically the Leasehold and Freehold Reform Act and the Renters Reform Bill. While the Leasehold and Freehold Reform Act was passed, focusing on long leases and simplifying processes for householders, the Renters Reform Bill was not completed and remains a live issue. She also explains the significance of the Leasehold and Freehold Reform Act, which restricts the establishment of long leases for residential houses and introduces streamlined processes for purchasing freeholds and extending leases. However, some aspects will require secondary legislation, leaving room for further developments.

The podcast also addresses the topic of ground rents, along with the parties' approaches to delivering housing, with Labour's ambitious plan to build 1.5m new homes in the next parliament, leveraging planning reform to stimulate the economy. David and Dan discuss the challenges of planning delays and the complexities developers face, such as negotiating Section 106 agreements and adhering to the Community Infrastructure Levy. Labour's manifesto emphasises increasing planning staff to tackle these delays, while both parties recognise the need for more housing.

If you would like a full written transcript of this podcast, please get in touch.