The fundamental problem with the party is that it is not really very conservative. I am not entirely sure what it is. To the extent that it is anything, it is the alternative to socialism. It's support for the traditional pillars of society such as the (anglican) church, the armed forces, the law, the professions, the land owning class has either crumbled or is kept well hidden. About the only institution it is unashamedly determined to preserve unchanged is the NHS but all UK parties know that a departure from this policy is headed for extinction.
The party was, briefly, in the time of Margaret Thatcher, vaguely libertarian, and even Hayekian. However, the British distrust of anything intellectual or continental meant that this phase could not last very long. It is now the anti-economics party, picking any policy that might glean a few votes. Recently, rent controls, 'right to buy', climate activism, green jobs, LGBGT inclusivity, recruiting policemen and hugging hoodies have all had a prominent role.
Of course, now all parties are defined by their attitude to Brexit. Constantly outflanked by Nigel Farage, the party has decided that it has to take an extreme position, allowing the opposition parties, between them, to take the vast plains of the centre ground. Although most elections are won on these plains, the next one is likely to be a proxy referendum and may well see the party in power again. Once Brexit is finished, it will be hard to see it regaining the centre ground but, as Harold Wilson once said, "a week is a long time in politics" and a parliament even longer.