Can Elections And a New Government Affect Landlords?

Another elections are coming so the landlords might feel that another change might happen.

There have been plenty of rumours in the news about further changes to the landlord's regulations and the housing market in general.

Hence, we thought that it’s a perfect time to show you some of the changes a new government may bring for landlords.

Conservative Party:

It has been long known that the Conservative Party was frequently chosen by the landlords and property owners.

The 2019 Conservative Party is planning to put some changes to Section 21 which is the notice a landlord must give to their tenant to begin the process to take possession of a property let on an Assured Shorthold Tenancy (which typically las 6 months) without providing a reason for wishing to take possession.

The party also committed to build a million more homes and to offer a 30% discount to local first-time buyers.

So, Conservatives seem to try to achieve a more stable property market and help the domestic landlord to move up the property ladder.

Labour:

This party always try to put some big policies in the rental sector. In September they proposed a Right to Buy policy for the private sector which was vastly criticised by most of the landlords.

Another idea is that they want to introduce the Rent Control which is simply a limit on the amount of rent that can be charged.

Some other policy that might affect landlords concerns a commitment to build 100,000 new social rent homes and end the existing Right to Buy scheme for social tenants.

Liberal Democrats:

Similar to Labours, Democrats support an increase in regulation of landlords and want to introduce three-year minimum terms for tenancies.

However, there is one main proposal that many landlords may perceive as beneficial. Help to Rent scheme will help young people under 30 with the cost of a deposit and provide with government-backed loans.

The last and most impactful policy include cancelling Brexit. Due to the uncertainty related to Brexit, property market faces many issues and unknown future. A cancellation might be a nice idea for many landlords.

To sum up:

The housing market has become increasingly politically changed in the past years.

As more and more young people come to the UK it is especially important to have solid and fair regulations for the real estate sector.

Therefore, it is also vital to know the parties’ manifestos and take part in the upcoming elections (12 December – Thursday)!

Learn about the new ideas, be aware of the change. Take part in the important elections!

If you still have some questions just let us know admin@mcqueenapartments.com