Rent prices tend to rise in the 12 months immediately after a General Election, by an average of 1.96%, according to a new analysis of elections over he past 20 years.

The study – by comparison service Compare My Move – says that on average, rent prices rise by 0.9% more under a Labour government than a Conservative government.

On the sales side, house prices rose the most (3.4%) 12 months after the 2015 General Election, in which the Conservatives and David Cameron won a majority. 

House prices rise an average of 2.3% when the general election ends in a majority, compared to only 1.4% when ending in a hung parliament.

A spokesperson for Compare My Move says: “Rents have seen a significant rise over the past few years, with an increase in the average rent price of almost 9% in the 12 months up to February 2024, therefore they go into the election at an all-time high. However, many parties have focused on helping renters in their manifestos, and therefore I don’t think the rise will continue at this rate, and will become more gradual in the 12 months after the election.”

What The Parties Say About Renting:

Labour – Much like many other parties, Labour has promised to abolish Section 21 if they win the 2024 General Election in their attempts to overhaul the regulations in the private renting sector. Abolishing Section 21 will stop ‘no fault’ evictions, which will increase security for renters in the private sector. They will also extend ‘Awaab’s Law’ to the private sector, increasing the standards landlords need to keep to rent out properties.

Conservatives – The Tories also continue on a promise to introduce a renters reform bill and abolish section 21 and ‘no fault evictions’, however, they state that they will do so while introducing a ‘three strikes and you’re out’ policy which will allow social housing landlords to evict tenants that are disrupting the local community.  They also state that they will “strengthen other grounds for landlords to evict their private tenants guilty of anti-social behaviour” to soften the blow of the abolishing of section 21, but do not state what these other grounds are.

Liberal Democrats – The Liberal Democrats will also be abolishing no-fault evictions and go further to aid renters by making three-year tenancies the default in an attempt to lower the reliance on short-term lets, this issue will also be devolved more so local authorities can have more control over short-term lets. They will also establish a national register of licensed landlords in England, which will allow tenants to know more about their landlord’s history before they start renting with them, as well as require landlords to submit all of their checks and certifications. As well as the national register, the Liberal Democrats will fully recognise tenant panels and give renters a voice in landlord governance.

Reform UK – This manifesto is a lot more brief on property than other manifestos, but what it says about renting is also a lot more favourable to landlords than other manifestos. Reform UK promise to scrap section 24 for landlords, meaning landlords will be able to deduct finance and mortgage interest costs from their tax on rental income and give landlords more take-home pay. Reform UK will also abandon the Renters Reform Bill and will instead “boost the monitoring, appeals and enforcement process for renters” but do not delve into specifics.

Green Party – The Green Party Manifesto is also brief when it comes to renting and housing in general. In the housing section of their manifesto, they do focus on making the rental market fairer for renters and will push for rent controls, meaning that local authorities can lower rents if the rental market becomes unaffordable for local people. Greens will bring an end to no-fault evictions and aim to make rental tenancies more stable for renters. They will also introduce a private residential tenancy board, which will be an informal, cheap, and quick way to resolve any tenancy disputes before they reach a tribunal.