Election Result and Private Landlords

Election Result and Private Landlords

So, what a waste of time that all was from a Tory point of view. We went to the polls to vote in the general election and now we have a smaller Conservative majority.

So what is the impact for private landlords?

Well, actually it is quite good news, given the plans that Labour had lurking in the background.

And had the Conservatives got a larger majority than before, including lots of seats in inner city areas, they may have come under more pressure from their own MPs to bring in more controls on private landlords. Having to have the DUP in tow may mean less legislation impacting landlords than if the Tories had to do a deal with the Lib Dems, because housing shortages are much less of an issue in Ulster than in the rest of the UK.

If Labour had been able to form a government in cahoots with the SNP that could have been awful – the worst outcome.

Why?

Well, firstly, long gone are the days of Ed Milliband and Tony Blair, who actually were pragmatic enough men to realise that things like full-on rent controls would not work and only bring us back to the days of Rachman and shortages of supply of rental stock. It’s one reason why I have always voted Labour, until now, that is.

Some of the current Labour crop are very different sorts of people altogether. Many, including the Shadow Chancellor think that full on rent controls would be OK. (We have no problem with limiting rent rises in say mandatory 3-year tenancies, but not full on rent controls).

In Scotland, they have recently done away with the right of a landlord to recover possession under Section 21 (no fault). Now you have to sit and wait for your tenant to heavily default on rent, or worse, before you can start to get your property back. So if Labour had needed to get into bed with Nicola Sturgeon this could have been disastrous for private landlords.

The Lib Dems had better and more sensible policies towards the private rented sector than Labour had.

Of course, the result is about more than what happens in the private rented sector, but that is a whole different story.

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