Honourable and personal residential letting experts

26Jun

What are the major parties manifestos regarding the private rental market?

Next week we are going to be able to choose the next Government, who will set the rules for the next five years.

Therefore, in alphabetical order here are the manifesto promises on the rental market.

To give you some figures behind the reasoning on these manifestos, recent figure show that 35% of housing in the UK is renter occupied, which translates into 15.7 million people. This includes both social and the PRS, which accounts for 4.4 – 4.6 million households. The latest data estimates there are about 2.65 million landlords in the PRS.

Why is this important? For every PRS landlord who can vote, there are potentially 6 tenants who can vote!

The Conservative Party’s 2024 manifesto for the UK

Rental Reforms:

The manifesto promises continued reforms in the rental sector, aiming to make the market fairer for tenants. This includes efforts to simplify the rental process and ensure better protections for renters.

Help to Buy Scheme:

To revive the Help to Buy scheme to assist first-time buyers in getting on the property ladder. This initiative is designed to provide financial support to new homeowners, making housing more accessible.

Housebuilding initiatives:

The party has committed to increasing housebuilding numbers significantly. This involves accelerating the construction of new homes to meet the demand and address the housing shortage.

Tax policies:

The manifesto emphasises protecting family homes from higher taxes. This includes measures to prevent significant tax increases on property, which can help keep housing affordable for more people.

Leasehold reforms:

There is a commitment to continue with leasehold reforms, making it easier and fairer for leaseholders. These reforms are aimed at providing better terms and conditions for those who own leasehold properties.

My take:

To continue where they left off on the Renters Reform Bill and provide financial support for new buyers and increased housebuilding.

The Labour Party’s 2024 manifesto for the UK

Abolishing Section 21 evictions:

Labour plans to eliminate Section 21 “no-fault” evictions, This change aims to provide greater security for renters by ensuring they cannot be evicted without just cause.

Introducing a Renters’ Charter:

The manifesto includes a comprehensive Renters’ Charter, which not only focuses on the abolition of Section 21 but also aims to enhance living standards in the private rented sector through the implementation of a legally binding Decent Homes Standard. This standard will ensure that rental properties meet basic criteria for safety and habitability.

Regulating rent increases:

To regulate rent increases within tenancies to prevent sudden and unaffordable hikes.

Building 1.5 million homes:

A commitment to constructing 1.5 million homes over the next five years, with a significant portion designated for social rent.

Enhancing energy efficiency:

The manifesto includes plans for a ‘Warm Homes Plan’ aimed at upgrading all homes to at least EPC band C within a decade.

Tenant rights:

The Renters’ Charter is expected to address additional tenant rights, such as extending notice periods for landlords and granting tenants the right to keep pets

My take:

Picking up the Renters Reform Bill in its earlier format with a stronger connection to renter’s rights and build more homes.

The Liberal Democrats’ manifesto for the UK

Rent controls and fair rent:

Introduce measures to control rent increases, ensuring they are reasonable and predictable.

Longer tenancies and security of tenure:

Promote longer-term tenancies to provide renters with more stability and security. Strengthen protections against unfair evictions, ensuring that tenants cannot be evicted without a valid reason.

Regulation and standards:

Enforce stricter regulations on landlords and letting agents to maintain high standards in rental properties. Introduce a mandatory licensing scheme for landlords to ensure they meet their legal obligations and provide safe, habitable housing.

Affordable housing:

Increase the supply of affordable rental housing by investing in the construction of new homes and supporting housing associations.

Support for renters:

Establish a national register of landlords to improve transparency and accountability in the rental market. Provide support and advice services for tenants, helping them to understand their rights and resolve disputes with landlords.

Energy efficiency and sustainability:

Require landlords to improve the energy efficiency of rental properties, helping tenants save on energy bills and reducing the environmental impact. Provide grants or incentives for landlords to upgrade the insulation and energy systems in their properties.

Combating homelessness:

Implement policies aimed at preventing homelessness, such as providing better support for those at risk and ensuring access to emergency accommodation. Increase funding for homelessness services and support programs to help individuals and families find stable, long-term housing solutions.

My take:

Picking up elements of the Renters Reform Bill with the reintroduction of EPC upgrades.

The private rental sector has seen significant growth over the past few decades, with a substantial increase in the number of properties and landlords. The sector plays a crucial role in the UK housing market, providing homes to a significant portion of the population, especially young adults and those in urban areas.