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TODAY'S OTHER NEWS

BTL landlords are worried about the prospect of a Labour government

Hundreds of buy-to-let landlords have expressed concerns for the future of the buy-to-let industry if Labour comes into power. 

Boris Johnson is attempting to trigger an October general election, but the majority of landlords in the UK’s private rented sector are unlikely to vote for Jeremy Corbyn’s party if the poll does go ahead next month, according to new research. 

A survey from Landlord Today found that 93% of landlords consider the existing Labour party unfit to govern, owed in part to its housing policy, especially when it comes to the PRS. 

Last week, the shadow chancellor John McDonnell said he wanted to see the introduction of a ‘right to buy’ scheme for private tenants as well as higher taxes on landlords. 

In response, 91% of landlords surveyed said that they think Labour’s private tenants ‘right to buy’ policy would ‘destroy’ the PRS. 

Earlier this year, a Labour-commissioned report called on the party to intervene to cool the housing market if it wins power by introducing a new “progressive property tax” set nationally instead of by local councils and paid for by landlords instead.

As part of Labour’s proposed major property laws shake-up, empty homes, second homes and those owned by people not resident in the UK for tax purposes would have to pay the new tax at a “significantly” higher rate.

The idea behind the proposed shake-up of the property tax system is to “discourage the use of homes as financial assets, reduce the tax paid by the majority of households, and encourage more efficient use of the housing stock”.

The report states: “We recommend that a Labour government replace the regressive and unpopular council tax with a progressive property tax based on contemporary property values.

“Unlike council tax, this tax would be payable by owners, not tenants.

“This would result in significant administrative savings, lower levels of arrears and less court action.

“Unlike council tax, the progressive property tax rate would be based on regularly updated property values, and the rates would be set nationally, rather than locally determined.”

Some MPs have branded the proposal “extraordinary and deeply damaging” and warned that Labour’s move amounted to a “tax bombshell”, and most landlords share their sentiments. 

Some 218 landlords - 94% of respondents to a separate Landlord Today poll - said that they disagreed with the radical plans being considered by the Labour Party. 

Poll: Would you like to see a general election held in October?

PLACE YOUR VOTE BELOW

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    And that’s why I’ve informed all my tenants that if we get a Labour gov then I will be forced to issuing Section 21 and selling. Not one tenant had an idea what Sect 24 taxes are and none of them knew about Land of the many politics of envy report

    Paul Barrett

    It is hardly surprising that tenants don't know as even very few LL know either!!
    Tenants are simply not informed about such issues.
    They hardly keep abreast of issues in the PRS.
    They are more concerned with the daily struggle to survive.
    Very few Tenants inform themselves as to what occurs in the PRS.

     
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    I wonder what labours plans are to house the millions of homeless people when they get into power

    Paul Barrett

    Nationalisation of private tenanted properties!!!

     
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    McDonnell told you the answer last week, he's going to give away Landlord's property to Tenants, - problem sorted !

     
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    So Tenants that never paid Rent in their lives / Council Tenants in accommodation in Private Property, that Milk the System for ever will be able to buy our Property at knock down prices. Incidentally this is the real cause that Government wants to scrap Section .21, obviously S.21 is only a Symptom but Regulators are too cowardly to address the real cause, the System that houses & keeps them all for nothing, no wonder they all wants to be on the Council, they are not stupid.

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    Can it possibly happen?
    It will be a total unmitigated disaster!!!!

    How long would it take them to get a bill passed?

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    PRS tenants should be even more worried than BTL landlords as they'll be made homeless. Who is going to lend these tenants the money to buy our properties, even if they're a "steal"? Like most loony leftie ideas, this will be totally counter productive, affecting every home owner ( as prices plummet due to the huge numbers of btl properties put up for sale). There will be NO winners if this crazy idea becomes a reality.

    Paul Barrett

    Of course we are discussing our own parochial circumstances.
    What about the plans those Marxist idiots have for the rest of the economy.
    Under no circumstances can Labour in its present guise be allowed to assume power.
    If that means Parliamentary democracy is suspended then so be it.
    Corbyn will be Charles 1.
    He will be dealt with in similar fashion!
    So far there have been no policies if the Right that are wrong.
    They would need to reach such extremes before they become unviable.
    We haven't reached there by a long chalk.
    We have however reached the limits of the left.
    It is simply a step too far.
    Blair for all his faults recognised this which is why he won 3 GE.
    Blair in charge would win again for Labour providing BrExit occurred.
    Maggie Thatcher when asked what she thought was her best legacy was replied

    Tony Blair!!

     
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