First published on 25 May 2024, updated on 26 June 2024
With Polling Day drawing closer, we’ve looked at the manifestos of the three main political parties to provide you with an overview of their proposed policies relating to landlords and the Private Rented Sector (PRS). While we stay politically neutral, we believe it is important to continue to keep you updated with information relevant to you and your role as a landlord.
Liberal Democrats
On Monday 10 June, the Liberal Democrats outlined their housing policy, taking on some of the ongoing challenges in the PRS. They have pledged to:
- Create a national register of licensed landlords
- Ban no-fault evictions with immediate effect
- Move to 3-year tenancies as a default
You can read the full manifesto from the Liberal Democrats here.
The Conservative Party
On Tuesday 11 June, the Conservative Party published their manifesto also referencing changes within the PRS that have been in plan for a number of years. They have pledged to:
- Pass the Rental Reform Bill to deliver the court reforms necessary to fully abolish Section 21, and strengthen other grounds for eviction of private tenants
- Ensure councils have the powers they need to manage the growth of holiday lets
- Introduce a two-year temporary Capital Gains Tax (CGT) relief for landlords who sell to their existing tenants.
The CGT exemption was part of our
six-part proposal to the Government to provide support for landlords. We highlighted a review of taxes being paid by landlords to deliver a more effective rental and wider housing sector.
You can read the full manifesto from the Conservative Party here.
The Labour Party
Thursday 13 June saw the Labour Party’s manifesto being published. Much of what has been pledged has previously been announced – this includes an immediate end to Section 21 evictions, higher standards and minimum energy efficiency standards:
- Higher minimum energy efficiency standards for the PRS by 2030
- Legislate for private rented reform including immediately abolishing Section 21 “no fault” eviction
You can read the full manifesto from the Labour Party here.
At this stage, the manifestos do not provide further detailed measures beyond these outlined points.
On Wednesday 22 May, Prime Minister Rishi Sunak announced that a General Election will take place on Thursday 4 July. You might be feeling a sense of uncertainty about what this could mean for you and your buy to let investment.
Landlords provide 1 in 5 homes in the UK
The sector has doubled in size since the early 2000s, with landlords now providing 1 in 5 homes. Ensuring that you can operate effectively has never been more important. We are committed to supporting landlords like you. With over 30 years of experience, we know that a well-functioning Private Rented Sector (PRS) will support a thriving society.
Hear from Damian Thompson, Director of Landlord at The Mortgage Works on the future of the sector:
What does the General Election mean for landlords?
During an election year it is natural to have questions, for example, what are the main parties’ thoughts on landlords? Will there be changes to regulation? How might taxation evolve? What new opportunities or challenges could arise?
Whilst each individual political party will have specific approaches to the Private Rented Sector, any government must understand and balance the needs of landlords and tenants.
To help you navigate changes with confidence, we will be monitoring political developments and the implications they may have on the sector. We’ll share updates as we get closer to election day – keep checking back to hear more.
A key Bill – the Renters (Reform) Bill was in the process of being voted in and passed to law. This Bill was set to see the most significant changes to the Private Rented Sector in a number of years. Read on to understand what will happen to the Bill now an election has been called.
What will happen to the Renters Reform Bill?
The Renters (Reform) Bill was not one of the pieces of legislation that was passed before the general election in the 'wash-up' period. This is the time at the end of a Parliamentary session where Bills underway are fast tracked into law.
The changes in the Bill, including the end of Section 21 evictions will now not come into effect. A new Government will have to start the process with a new Bill in the next session of Parliament which we expect to contain the same set of measures.
A timeline of events:
- 23 May: Leader of the House, Penny Mordaunt, updated the House on the timetable for the ‘wash-up’
- 23 – 24 May: the ‘wash-up’ period for the Government to try and get chosen Bills across the line
- 30 May: the dissolution of parliament takes place. This means the end of a Parliament, in preparation for the campaign period in the run up to the Polling Day. Government ministers will remain in their positions until the new government is formed and any Bills that haven’t made it to Royal Assent will be dropped
- Sometime between 5 and 16 June: party manifestos will be launched in the run up to Polling Day
- 4 July: Polling Day
- 9 July: the new Parliament will be summoned to meet, as well as the election of the speaker and swearing-in of members
- 17 July: State opening of Parliament and King’s Speech setting out the new Government’s proposed new legislation
