No matter your thoughts on Brexit, the General Election and politics in general, you have a genuine opportunity to voice your opinions. If you are a landlord in Rubery, you probably want to know what the leading parties are promising to do to aid your business and the letting industry.
We will review the three leading parties and what their manifesto states for the housing market, and the letting industry. How much faith you wish to put in one, some or all of these manifestos is entirely up to you, but we present what the leading parties are saying in the hope to win your vote.
The Conservative Party – Housing matters
The Conservative Party has an existing promise to build 300,000 homes a year by the mid-2020s, and they are maintaining this promise in their manifesto. The party has also said they will review new ways to support property ownership when Help To Buy concludes in 2023.
Landlords are likely to be more interested in the abolition of “no-fault” eviction for tenants and the possible introduction of a “one-lifetime deposit” which moves with the tenant.
The manifesto also suggests a ban on the sale of new leasehold homes and a restriction in ground rents to a minimal level. If this plan is finalised and becomes a reality, it could be of benefit to landlords owning a leasehold property.
The Labour Party – Housing matters
Labour have announced a Central Housing Policy, where they promise to build an additional 150,000 council and social homes each year, and councils will build 100,000 of these homes and made available for social rent.
The Labour Party plans to expand the tenant’s rights, including allowing open-ended tenancies to take place. The party also plans to introduce Government-funded renters’ unions and to abolish the Right To Rent scheme, which requires landlords to check the tenant’s immigration status.
The Labour Party has also announced plans to introduce rent controls and to increase council powers and funding to allow them to buy back homes from private landlords. However, the manifesto didn’t offer any further details on how this would occur.
The Liberal Democrats Party – Housing matters
The Liberal Democrats claim they will introduce 300,000 homes each year by 2024, and 100,000 of these homes will be social homes. They also plan to enable local councils to have the ability to increase council tax to 500% when the property has been purchased as a second home.
The Liberal Democrats plan to introduce a new “rent to own” scheme for social housing, which allows tenants to use rent payments to increase their stake in the property. This plan provides for the tenant to own the property outright after 30 years.
The party also has policies which affect landlords concerning mandatory landlord licencing and an increase in the minimum efficiency standards for privately rented properties.
Hopefully, this information provides you with some guidance on what the leading parties are likely to do for the housing and letting market, and landlords. With the General Election taking place on Thursday 12th December, you have time to do more research if you want to feel confident you are using your vote most appropriately.
If you are a landlord looking for guidance in letting to Rubery tenants, we can help. We are pleased to say we have assisted many Rubery landlords over the years, and we look forward to helping you, so please get in touch today.