The BPF General Election Manifesto
We're delighted to launch the British Property Federation's General Election manifesto 'Building our Future'. This manifesto sets out the property industry’s offer to the next Government.
Summary: We are the Government’s key partner investing to improve people’s lives. We invest hundreds of billions of pounds each year to rebuild and renew the UK’s buildings and public spaces – representing 7% of the country’s economy. Much of this money comes from the funds who manage our pensions and savings or insure our homes and belongings whether here in the UK or overseas.
With the right policy and regulatory framework we can do much more: invest more of our money in the priorities that matter to local communities, create more wealth and also deliver safer, healthier, places for people to live, work and relax.
Building our Future: The four pillars at a glance
Our manifesto asks the next Government to set a clear strategy and the right policy and regulatory framework across four pillars. Explore them in brief below, or get the full details here.
The UK property industry contributes more than £137.5bn a year to the economy, supporting 1 in every 12 jobs. Our industrial and logistics facilities are part of the UK’s critical infrastructure. We can do much more and support the growth and improved productivity of other sectors if the next Government works with us to:
- Reform and better resource the planning system to meet the growing need for logistics capacity, accelerate the delivery of homes and jobs, and to meet climate change obligations.
- Promote the UK as a global investment destination.
- Ensure world class facilities to support high growth sectors such as SciTech.
- Maintain and enhance the UK’s leadership position in PropTech.
- Champion public / private sector partnerships to deliver projects on time and within budget.
The major source of new capital for delivering more homes is long-term investment such as pensions and savings funds. A partnership with the next Government would provide long-term confidence to investors, drive the delivery of high quality build-to-rent homes and unlock capital to build more affordable housing and fit-for-purpose homes for older people, releasing family homes back into the market.
- Set a target of at least 30,000 build-to-rent homes per annum.
- Stimulate the delivery of 145,000 new affordable homes a year through increasing subsidy levels by £9bn-£14bn.
- Require local plans to assess the need for older people’s housing.
- Support the professionalisation of the rental sector recommended by Lord Best.
Reinvigorating our high streets and town centres is a complex challenge requiring many actors to work together in an unprecedented way. It can’t be delivered solely with investment from the property industry, so national government must also set the right framework and support local authorities. The next Government should unlock local action and investment by:
- Enacting Town Centre Investment Zones and Community Improvement Districts.
- Updating the Landlord & Tenant Act 1954 so commercial property can be occupied easily, quickly and affordably.
- Building resource centrally and supporting local and regional authorities.
- Reducing and reforming the business rates system to a fair and sustainable level which is less burdensome and rapidly responsive to the local economy.
Buildings account for around 25% of all UK carbon emissions. We ask the next Government to partner with us to support the property industry with its net-zero transition and to maximise its role in building a green economy by:
- Providing a stable policy framework with clear milestones.
- Ensuring the tax system encourages the improvement of building energy efficiency and retrofit.
- Supporting renewable energy generation, including improving the capacity of, and speeding up connections with, the National Grid to cater for new communities.
- Unlocking investment by Real Estate Investment Trusts (REITs) and other property owners in Renewables and other innovative technologies.