I know that the question you are all eager for me to answer is; what do I think of these changes?
On the one hand, supply will be slightly affected by introducing more property into the market although it remains to be seen whether the government targets will be met and change will be slow. If demand for property remains constant, there will be a downward pressure on house prices all other things being equal. However, by making the purchase process slightly more accessible to first time buyers, the demand for property should increase since property for this group will become more affordable. Therefore, the net effect on property prices will be negligible. The general performance of the economy and the speedy conclusion to the Brexit negotiations which would reduce uncertainty in the property market will have a much greater effect upon property prices. The property market always thrives when confidence is high!