Private landlords in Newcastle have slammed the Labour Party’s proposed ‘right to buy’ policy that could see long-term tenants acquire buy-to-let properties at discounted prices.
A poll conducted by Newcastle-based residential letting specialists Walton Robinson found that 98% of landlords in the city are opposed to Labour’s plan to give private tenants the right to buy their homes at a discount rate set by a government agency.
The vast majority of landlords interviewed for the survey, many of which own multiple properties across the city and surrounding areas, also overwhelming believe the policy will impact on their future investments.
Some 90% of respondents said that Labour’s plan would dissuade them from purchasing further buy-to-let properties, which in turn would inevitably reduce the supply of much needed private rental stock in and around Newcastle.
Mark Walton, managing director of Walton Robinson, commented: “This policy would have a severe impact on the private rental sector and has the potential to wipe out a large proportion of the available housing in the city.
“If a landlord wants to sell a property to a long-term tenant, they should be able to do so, but only on a voluntary basis. Making it statutory is ludicrous and will lead to landlords considering their options and perhaps selling up. Rather than helping people onto the property ladder it will reduce the options for those who want to rent or even force people out of their homes.
“With an election looking more and more likely and focused on Brexit, there is a real danger that polices like this will find their way through, which will be disastrous for the economy and people’s lives. Labour need to seriously rethink this proposal and perhaps come up with ideas that will support those who prefer to rent and the landlords that provide them with high quality homes.”