The Coalition Government has issued a list of things they plan to do while in Parliament.
Some of this agenda will directly affect property. These include:
The ending of the ban on tenants starting home businesses, which is in line with other measures to help small enterprises. Does this mean that this will be carried out by statute? Will statutory tenancies automatically have the covenant removed? Will periodic tenancies (typically Assured Shorthold Tenancies under the Housing Act 1988) wait until they are renewed and then the clause be removed?
On the energy and environment front, they want to install smart meters in homes, promote and support renewable energy sources for generation of electricity, and through their “Green Deal”, will encourage energy efficiency in homes and business premises, including government buildings.
The promised suspension of HIPs has already happened as was proposed by the Conservatives and reported last year (click here to see Article). The EPC will remain in place as this is a European directive. The formal removal of the legislation will be repealed or modified throughout the first period of the new parliament.
Capital Gains Tax changes could affect the second home ownership part of the property market, however the details and the direct affect of their imposition cannot yet accurately be determined.
For any one who is brave enough to read through the whole document, a website has been set up by the Government – http://programmeforgovernment.hmg.gov.uk/
Date 25th May 2010