Will the General Election Affect Me as a Landlord?

If you have been curious about how the upcoming general election could affect you as a landlord, then you have found our comprehensive article in which everything you need to know is enclosed. So, worry no more and do not waste time; here you will find all your questions answered.

In 2024, you shouldn’t have to be concerned about the letting industry, but unfortunately it isn’t a breeze for everyone. From rising costs to tax changes, there’s a lot of elements to letting that is holding people back on both sides of the property market. Whether you’re property hunting or you are a landlord, here is our best advice:

With the current property market issues on the rise now more than ever, landlords have branded this as a major concern. As a result of the cost-of-living crisis, it has unfortunately generated less and less returns for landlords over the last 18 months.

The letting industry is a fierce competition already, so having no choice but to increase prices has had a detrimental effect on returns.

But how will the general election affect landlords? Let us break it down in simplified terms for you…

There are lists which each party has created, below we have taken 2 changes from both.

If the Conservative Party win, you will face the following changes:

  1. Private rentals must be free from health and safety hazards. This is introduced as the decent home standard. This is already quite an obvious rule already in place, but the rules are going to become stricter.
  2. Landlords will need to use Section 8 to evict tenants as opposed to Section 21.

If the Labour Party win, you will face the following changes:

  1. Rent increases will be limited to every 12 months. This is to keep things fair and to keep costs down for tenants.
  2. An official database where landlords and agencies will register will be created. This will be called a national register.

If you are a landlord in the Worsley area and would like to know more about the world of real estate, then please don’t hesitate to contact The Mistoria Estate Agents, today!

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