The upcoming general election is heating up, and one of the hottest topics is housing. With 35% of England living in rented accommodation, both landlords and renters are keenly watching to see how the political landscape will impact their wallets.

Renters: A Growing Force in the Election

The number of private renters in the UK is increasing, and they’re becoming a powerful voting bloc. Renters are feeling the pinch from soaring costs and are looking for stronger protections. This year, they’re being dubbed the new “Essex Man” – a key demographic that politicians need to win over.

Landlords: Under Pressure and Looking for Support

While landlords represent a smaller chunk of the population, they’re a force to be reckoned with, especially as they’ve been hit hard by rising mortgage costs and tighter regulations. They’re hoping for policies that will ease the pressure and make buy-to-let more attractive.

What Each Party is Promising

Renters:

• No-Fault Evictions: Labour, the Liberal Democrats, the Green Party, and the Conservatives have all promised to ban no-fault evictions, giving tenants more security.
• Rent Increases: Labour pledges to empower tenants to challenge unreasonable rent hikes.
• Living Standards: Labour aims to raise living standards in rented accommodation by expanding “Awaab’s Law” – requiring landlords to tackle health hazards like damp and mould.
• Energy Efficiency: Labour and the Green Party promise to push for better energy efficiency in rented properties, making life cheaper for tenants.
• Tenancy Lengths: The Liberal Democrats want to make three-year tenancies the standard.
• Regulation: The Liberal Democrats are proposing a national register of licensed landlords, while the Green Party wants rent controls and dispute resolution boards.

Landlords:

• Anti-Social Behaviour: The Conservatives are strengthening the grounds for evicting tenants who engage in anti-social behavior, offering a boost to landlords.
• Capital Gains Tax Relief: The Conservatives are proposing a temporary capital gains tax break for landlords who sell to their existing tenants.
• Tax Reliefs: Reform UK promises to restore tax deductions for mortgage interest and finance costs for landlords.

What’s the Verdict?

With both renters and landlords having a strong voice in this election, it’s a crucial time for the property market. The party that can best address the needs of both groups will likely be in a strong position come July 4th. Keep your eyes peeled for what promises are made and how they could impact your future as a renter or landlord.