For the landlords of Britain, which political party offers the most appealing outlook?
As we count down towards the election the major parties are competing for the votes of young people struggling to get on the property ladder.
The result is a plethora of policies aimed at changing the face of the British property market. We break down each parties policy in bite sized chunks for you right here!
With over 100,000 landlord policies live our customers have already voted with their feet! Do it by the book with a landlord cover from us.
David Cameron has previously said that he wants to ‘liberate’ those who are ‘trapped’ in rented properties. Supporting this aim, the coalition government’s ‘Help to Buy’ scheme is designed to get people on the housing ladder with only a 5% deposit.
The prime minister has now made further promises to first-time buyers, announcing that plans for 100,000 starter homes will be doubled to 200,000 if the Tories win the election. Under the scheme, first-time buyers under the age of 40 can register to buy new homes at a discount of up to 20% off the normal price.
This move could see a drop in the number of young professionals in the rental market.
The Labour party is also on a mission to increase home ownership, pledging to get 200,000 homes built a year by 2020. They’ve also announced a ‘fair deal for renters’, claiming that ‘too many people are struggling with the rising cost of renting and with the insecurity and uncertainty built into the rental market’.
If they win the election, Labour plan to make three year tenancies the norm, and to impose an upper limit on annual rent increases. They’ve also pledged to ban the fees that letting agents charge to tenants, and to make sure that the fees agents charge to landlords are transparent.
Also offering a boost to first-time buyers, the Liberal Democrats are proposing a ‘rent-to-own’ scheme. Young people would be able to make a rent-like monthly payment towards the cost of their property, building up a share in their home without paying a deposit.
After 30 years they’d gain full ownership of their property. The Lib Dems have said that they’d aim to deliver 30,000 new homes per year under this scheme, in partnership with housing associations and other organisations. Occupants would be able to cash-in their share at any time, which they could then choose to use as a deposit for a home on the open market.
Nigel Farage’s party have pledged to protect greenbelt land from development by making it easier to build on brownfield sites.
They’ve said that under a UKIP government, houses on brownfield sites would be exempt from stamp duty when first sold, and that VAT would be relaxed for redevelopment.
The Green party
If you vote for the Green Party, you’re showing support for their pledge to build 500,000 social rented homes by 2020.
The party plan to increase the annual social housing budget by a whopping £4.5 billion. The money would come from a reform of landlord tax allowances, including scrapping buy-to-let mortgage interest relief.
Leader Natalie Bennett has said that landlords ‘do not deliver enough of social economic benefit to the rest of society to justify their favourable tax treatment’.