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What Does The Future Really Hold For PRS Landlords?

What Does The Future Really Hold For PRS Landlords?

Are PRS Landlords Any Better Off
After The Election?

UK private rental sector landlords may have breathed a sigh of relief after the general election results were announced last week, but is the future still rosy for the PRS?

Conservatives Vowed To Leave PRS Landlords AloneThe Conservatives may have been voted into Government by a small majority over the other political rivals, but will all the election promises be kept or is it more likely that we will see additional legislation concerning rent caps, longer tenancies and changes to tenant’s rights being introduced via other means?

The way I see it, the future under a Conservative Government will be no different from the experiences of the last 5 years.
The main targets will still be PRS landlord’s and letting agents and the victims will always be the tenants.

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NLA Publishes Landlords At A Glance Guide To Voting

NLA Publishes Landlords At A Glance Guide To Voting

NLA Makes It Easier For Landlords To Vote
With At A Glance Guide To Main Political Party Manifestos

The National Landlords Association (NLA) have decided to make it a bit easier for floating landlord voters who may not have decided who they intend to vote for yet, by compiling a short at a glance guide to where each political party stands on key policies related to property ownership in the UK private rental sector and landlord life.
As we published on Spotlight yesterday, every political party have their own views on each of the following measures:

  • Rent Control
  • Longer Tenancies
  • Landlord Licensing
  • Landlords’ Register
  • Letting Agent Fees
  • Landlord Tax

Tomorrow is polling day in the UK (7th May), so if you haven’t already decided which of the political parties should get your vote as a landlord and business owner, the National Landlords Association has decided to make it a bit easier for floating landlord voters by compiling a helpful guide to where each of the main political parties stand on key landlord and property related policies.

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Political Parties Focus On Housing To Win Election

Political Parties Focus On Housing To Win Election

Political Housing Policies Could Have A
Major Impact On Landlords

The May 2015 General Election could have a major impact on the UK’s private rental sector (PRS), with each political party promising something different for the reform of the UK housing market and the private rental sector.

Each political party has their own propaganda to attempt to influence voter sentiment ahead of the May 2015 General Election, but do they really have landlord and tenant interests at heart?

All political campaigning promises something different for home owners and landlords with some political parties focussing on real issues that could make a difference whilst others continue to apportion blame and responsibility on to local authorities and private rented sector landlords.

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Controversy has been ignited after Labour’s mayoral hopeful Ken Livingstone declared all-out war on letting agents and rogue landlords in London, whilst calling for rent caps.

Critics said his plans to intervene in the market, and cut rents to no more than one-third of a tenant’s wage, would result in landlords having to lower rents, leaving their yields in tatters and acting as a deterrent to further buy-to-let investment.

If elected in May, Livingstone will establish a London-wide, not-for-profit lettings agency, paid for by the public purse, and to be run by the Mayor’s office. Although  handful of local authorities do run lettings agencies, none begins to be on the scale proposed by Livingstone. There is speculation that other large metropolitan authorities could decide on a similar path.

Castigating letting agents across London, he called for rent controls and widespread intervention in the sector, including licensing.

Speaking to the Institute for Policy Research, Livingstone said: “We must actually intervene into the private rented sector.”

Livingstone said: “No tenant in the private rented sector should have to pay more than one third of their wage in rent. What London needs is a London-wide non-profit lettings agency. So I can announce today that I will work with other stakeholders to establish one that can start to make a change in the private rented sector for the better. It will put good tenants in touch with good landlords across the spectrum of private renting so that both can benefit from security of tenure and reduce the costs of letting. The new agency would get to grips with the problem of rogue landlords and tackle a series of issues on accreditation, inspection and enforcement, licensing and energy efficiency, as well as tenants’ deposits protection. Through this work we will challenge the scandal of rip-off agency fees, horrific standards and the daily experience of disputes over deposits in the private rented sector. In the coming weeks I will set out more detail of how this new arm of the Mayor’s role will work.”

The response from the current mayor of London, Boris Johnson, reckons rent controls would be devastating and he would tackle things much differently.

Mr Johnson has said as London Mayor he would introduce a new London-wide accreditation scheme for all landlords.

A new London Rental Standard, which would accredit private landlords. He would also introduce a ‘rent map’ to give tenants more information on fair rents in their local area.

But he will not countenance rent controls, hitting back at election rival Ken Livingstone’s plans and saying they would be ‘devastating’ for the sector.

A spokesperson for the Mayor said: “The proposal of rent controls would be devastating for the sector. Rent controls were ended in the UK because they were counter-productive. Whatever the ideological appeal, the mayor does not have the power to introduce them, and even if he did, they would be devastating for the construction industry. It would result in fewer homes being built and lead landlords to invest less in stock. Other major international cities such as New York are removing rent controls for precisely these reasons.”

But, chairman of the Residential Landlords Association, (RLA), Alan Ward was severely critical of both Livingstone’s and Johnson’s proposals. He said: “Livingstone’s call for rent controls is an old idea that never worked in the past. Until 1988, rent controls resulted in a shortage of supply and poorer conditions for tenants. Hardly a remedy for 2012. There is no doubt that rents in the capital remain far higher than anywhere else in the country, but the answer lies in improved supply.”

Mr Ward said of Johnson’s ideas: “With over 10,000 landlords in London already members of the London boroughs’ accreditation scheme, it would seem a waste of time and money re-inventing the wheel in this way. The Mayor should focus on supporting and encouraging existing accreditation schemes, freeing his office up better to target the minority of landlords who bring the sector into disrepute. This should be matched by a programme of serious tenant education, providing tenants with all the information needed to better hold their landlords to account for the service they provide. It beggars belief that some people spend more time assessing the state of a car they wish to buy than the homes they seek to rent.”

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