The general election is looming and across the nation, landlords will be wondering which way they should swing. With all the promises, budgets and assurances being thrown around, it can be difficult to know which party offers what. To clear up the confusion, we’ve put together this handy guide looking at what political parties offer the most appealing outlooks for UK landlords.
David Cameron has made it very clear that one of his key missions is to ‘liberate’ Brits who have found themselves ‘trapped’ in the renting loop. Under a Conservative government, landlords-to-be will enjoy access to the ‘Help to Buy’ scheme which makes 5% deposits a reality. Cameron will double the number of ‘starter homes’ to 200,000 as well as offer first time new home buyers aged 40 and under discounts of up to 20%.
By 2020, the Labour party has pledged to build 200,000 new homes in a bid to encourage more first home ownership. A ‘fair deal for renters’ is also on the horizon which means landlords could be looking at three year tenancy agreements as well as an upper limit on annual rent increases. Letting agents will also be forced to make landlord fees clear and transparent.
Under the proposed ‘rent to own’ scheme young first time home buyers will be able to accumulate shares in a property, without putting down a deposit. The idea is that in 30 years they will enjoy 100% ownership. The Lib Dems have promised to roll out 30,000 of these homes each year, with occupants free to move out and cash in their share at any point.
Under the leadership of Nigel Farage and his fellow party members, the focus will be on building new homes on brownfield sites. These would be stamp duty free and eligible for VAT discounts when undergoing redevelopment.
The Green Party
Want to support national social housing schemes? Voting for the Greens will help achieve the party’s goal of building 500,000 social rented homes in the next five years. This would cost a huge £4.5 billion, with money raised by reforming landlord tax allowances and phasing out buy-to-let mortgage interest relief.
Which way will you swing in the upcoming general election? One thing is set in stone for landlords no matter who is running the country – you’ll always need comprehensive landlord insurance.
[Image credit: University College London Union]