Chancellor Hunt is buy to let landlord

The new Chancellor in the beleaguered Liz Truss government is former health and foreign secretary Jeremy Hunt - a buy to let landlord in his own right and via a company with his wife.

In 2017 Hunt and his wife Lucia set up Mare Pond Properties and media reports at the time claimed that the couple purchased seven apartments at the Ocean Village development, a marina scheme in Southampton. Hunt told tabloid reporters at the time that the profits would go to a range of good causes.

Hunt was already a rich man - indeed, called the richest man in the Cabinet of then-Prime Minister Theresa May - having pocketed £14.5 for his share of the education listing firm Hotcourses, sold in 2017.

Hunt’s Register of Interests lists that he also has a half-share in a holiday home in Italy and a half-share in a commercial building in London.

Hunt’s direct involvement in most recent rental reform legislation and proposals has been restricted to Commons votes - he has fallen in line with the approach of recent Tory administrations, wanting longer tenancies for renters and advocating the scrapping of Section 21.

He made clear in media appearances over the weekend that government priorities for the foreseeable future would be reassuring markets of the financial responsibility of the UK, and preparing cuts in spending in different departments.

Timothy Douglas, Propertymark’s head of policy and campaigns, says: “Reflecting on the recent announcement that Jeremy Hunt has now entered his new position as Chancellor, we would firstly like to welcome him into his role but secondly ask that he works with us to tackle issues faced across the housing sector.

“The ex-Chancellor, Kwarteng’s introduction of the recent review to Stamp Duty was welcomed and will help to bring people’s budgets in line with rising house prices.

“It is disappointing however to see a U-turn on keeping Corporation Tax low announced today which will mean that next year’s rises will see agencies and company landlords tighten their belts whilst facing other growing costs.”

PropTech entrepreneur and housing market analyst Anthony Codling comments: “The first challenge for Mr Hunt is to explain in detail how he will balance the books until he has done that the markets will remain unsettled, and the more markets are unsettled, the higher mortgage rates will rise.

“The second challenge he faces is to put the housing market back on an even keel. Whilst much of the recent economic turbulence can be traced back to the contents of the mini-budget, unfortunately for Hunt, the housing market started to drift south as living costs and mortgage rates started to head north.”

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Peter Yednell
18 October 2022 12:40 PM

I wrote to the housing minister to protest at abolishing Section 21 as that means the end of fixed term tenancies. The government civil servant's muddled response was that Section 21 was to be abolished but not fixed term tenancies?! If the government means reform of Section 21,it should say so. I would favour periodic tenancies becoming roll over tenancies unles Section 21 is served in a proscribed period and that Notice expiring. That would stop the minority of bad landlords who deliberately create periodic tenancies. I recomend all Landlords write to their MP's to propose such a reform. Such a reform would take the wind out of the sails of Shelter & Co with theur nonsesnse that all tenants can be arbitrarily evicted on two months notice and lessen more strict Labour rent reforms when (most likely) they win the next General Election.