Party poppers and party poopers

The biggest challenge facing the new Government will be the economy, and each party has - vaguely - outlined the approach it might take to address the £170bn hole in the UK's finances.

But what about home economics? What do Labour, the Conservatives and the Liberal Democrats have lined up for UK homeowners, and what might be the main points of debate in the event of a hung parliament?

Here are the key points of policy from each party:

 

Labour

1. £250,000 Stamp Duty threshold for first-time buyers to expire in March 2012

2. New 5% rate of Stamp Duty to be introduced on properties worth £1m+ in April 2011

3. Maintain HomeBuy Direct scheme for low earners

4. Maintain Home Information Packs

5. Maintain the standard interest rate on the Support for Mortgage Interest Scheme at 6.08 per cent until December 2010;

6. Northern Rock: Manifesto pledge to consider remutualisation as an option, ‘while ensuring the sale generates maximum value for the taxpayer.'

7. State-owned/part-owned banks: Have promised to ‘break up' large banks, but not committed to splitting banks into ‘retail' and ‘investment'.

8. House building: 10,000 affordable homes a year to be built by 2014

 

Conservative

1. Maintain £250,000 Stamp Duty threshold for first-time buyers indefinitely

2. New 5% rate of Stamp Duty to be introduced on properties worth £1m+ in April 2011

3. Scrap Home Information Packs

4. Increase Inheritance Tax threshold to £1m

5. Northern Rock: Have not said they will consider remutualisation

6. State-owned/part-owned banks: In favour of splitting banks into ‘retail' and ‘investment'.

7. House building: Scrap big regional building plans and replace them with local initiatives

 

Liberal Democrats

1. Introduce annual 1% ‘supertax' on homeowners with properties worth £2m+

2. Create a new 'Safe Start' mortgage that protect buyers from negative equity;

3. Offer green loans for people to invest in home energy efficiency and micro-renewables

4. Scrap Home Information Packs, but retain Energy Performance Certificates

5. Northern Rock: Pledge to consider remutualisation

6. State-owned/part-owned banks: Committed to splitting banks into ‘retail' and ‘investment'.

7. House building: Scrap big regional building plans and replace them with local