With just over a week until the General Election, what’s been promised for landlords? Here, we’re putting the spotlight on the Reform Party, the Liberal Democrats and the Green Party’s pledges.
With voting day around the corner, the mainstream media’s election coverage can overshadow the key manifesto pledges. With each Party taking its own stance on landlord legislation and housing targets, it’s important that property investors have a clear idea of what’s been promised.
Below, we’re looking at what the Reform Party, the Liberal Democrats, and the Green Party have pledged for housing and the Rental Market.
The Reform Party
Scrap Section 24 for Landlords
In arguably one of the most pro-landlord stances among all parties in this election, the Reform Party has pledged to repeal Section 24. Currently, this section restricts landlords from deducting finance costs and mortgage interest from their rental income when calculating taxes. Repealing this legislation would significantly help smaller landlords and may incentivise more landlord investment.
Abolish the Renters’ Reform Bill
Reform wants to block a Renters’ Reform Bill altogether. Instead, they want to enhance monitoring and enforcement within the PRS, with no mention of abolishing Section 21. This pledge will be hugely popular amongst landlords and could encourage further investment from property investors.
Raise the Stamp Duty Threshold
The current system aims to support first-time buyers, but the Reform Party wants to extend this to all homebuyers. As it stands, stamp duty is paid on properties over £250,000, but Reform plans to raise this threshold to £750,000.
Planning System Review
The Reform Party has pledged to fast-track planning and tax incentives for brownfield site development. The Party has also promised to implement a ‘loose fit planning’ system for large residential projects with pre-approved guidelines in place.
Social Housing Law Reform
Reform has pledged to review how social housing is allocated to residents. It will move foreign nationals down the priority list, with local residents and those who have paid into the system to the top.
Other key pledges include the proposal of inheritance tax to be paid only on estates over £2m, as well as leaseholder protection and a plan to incentivise new construction technology.
The Liberal Democrats
A Fairer Deal for Renters
To better support renters, the party plans to immediately ban Section 21 ‘no-fault’ evictions. They also plan to make three-year tenancies the default and create a national register of licensed landlords.
EPC Energy Efficiency Requirements
The Liberal Democrats will reintroduce minimum EPC requirements, meaning landlords will need to ensure their properties have a rating of C or above by 2028, a requirement scrapped by Rishi Sunak back in September 2023. They also pledge to require all new homes and non-domestic buildings to be built to a zero-carbon standard by 2025.
Boosting Housing Supply
The Liberal Democrats have pledged to increase the number of homes built a year to 380,000 across the UK, with social homes making up 150,000 of this. This will be through new garden cities and community-led development of cities and towns.
Rent-to-Own Scheme
To help those who cannot afford a deposit to purchase their own home, the Lib Dems plan to introduce a new Rent-to-Own model for social housing. This will allow tenants to own an increasing stake in the property with their rent payments, eventually owning it outright after 30 years.
Second Homes and Short-Term Lets
To boost housing supply, the Liberal Democrats pledge to give local authorities new powers to control second homes and short-term lets in their areas. This will involve creating a new planning class for these properties and allowing them to increase council tax by up to 500%, with a stamp duty surcharge on overseas residents purchasing these properties.
The Green Party
A Fair Deal for Renters
The Green Party pledges to tackle rising rents by allowing local authorities to control rents for residents. They will also abolish Section 21 and introduce long-term leases to give renters greater security. Renters will also be given a new right to demand the landlord carry out energy-efficiency improvements.
Sustainable Housing
The Elected Green MPs will invest £29bn over the next five years to insulate homes to a minimum EPC of B or above as part of a ten-year programme. Furthermore, the Green Party plans to introduce a local authority-led programme to insulate residential homes.
Buy the Supply
The Green Party will introduce legislation to give local authorities, social landlords, and community housing groups ‘first dibs’ on certain properties to purchase at reasonable rates. This could involve properties that don’t meet EPC requirements, have been left empty for more than six months, or don’t meet the Decent Homes Standard.
Social Housing
The Green Party pledges to end ‘Right to Buy’ to ensure that empty homes continue to belong “to the communities who funded them and are available to those who need a warm, secure home.” The Party will also empower local authorities to bring empty homes back into use.
More on the election
The Labour Manifesto and Conservative Manifesto can also be found here.
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