Back to news
After the Labour Party’s general election victory, Sir Keir Starmer will be the new prime minister. As a new government assembles, what does this mean for landlords and the rental market?
Read on to find out more about what to expect on important topics such as Section 21 evictions, energy efficiency, and landlord tax.
As the dust settles on the general election, landlords will be paying close attention to how the Labour party plans to address a range of issues affecting the rental market. These include:
Rising costs – higher mortgage costs and significant tax changes have reduced returns for many landlords
Rentals reforms – plans to scrap Section 21 evictions were dropped before the election, but Labour has promised to revive them rental housing supply – an imbalance of rental supply and demand has led to unsustainable rent rises for tenants in some parts of the country
Energy efficiency – plans to increase minimum energy efficiency standards in rental properties were scrapped in 2023, but Labour wants to introduce new measures by 2030
What are the Labour Party’s plans for the rental market?
The new prime minister, Sir Keir Starmer, said that the general election was all about ‘change’. With a strong majority in place, the Labour Party will now look to act on their manifesto pledges.
Labour has a range of plans for the private rental sector, as well as proposals for the tax system which could affect landlords.
To immediately abolish Section 21 evictions without improvements made to the court system
Give tenants powers to challenge unreasonable rent rises
To ban rental ‘bidding wars’ between prospective tenants (no details of how this would work have been announced yet)
To introduce a cap on the amount of rent that can be paid upfront by tenants
To extend Awaab’s Law, which requires social landlords to address dangerous hazards such as mould, to the private rental market
To introduce new energy efficiency standards for rental properties by 2030 (it’s not clear which EPC rating will be the new minimum)
To remove the requirement to replace gas boilers by 2030
Key dates for landlords to look out for
The Labour Party Conference is due to take place between 22 and 25 September and could give an indication of the government’s key priorities, plus how Sir Keir Starmer has fared in his first few months as prime minister.
Another date to watch out for is a potential Autumn Budget in October or November. The Labour Party has previously declared that it would hold one Budget a year, instead of alternating spring and autumn budgets and statements.
As a landlord should you be concerned? As experienced letting agents we feel we are in for a real shake up in the rental sector and even more legislations/red tape. If we are your managing agent then you have no reason for concern as we will ensure we are on top of all changes and will keep you in the loop every step of the way as the changes roll out.
If you are managing your own property this may be the perfect time to see if a fully managed package is for you.
Laws for landlords can be a minefield. It is estimated that there are more 170 rules and regulations that apply to the private rented sector, and these are often amended and updated – sometimes at relatively short notice.
So, when it comes to landlord responsibilities, not only is there a lot for landlords to know and understand, but if you don’t have a reliable way of staying up to date with changes, you could easily find yourself unknowingly falling foul of the law, which could be very costly - both financially and personally. If you would like more information please feel free to call us 0113 2899669
#UKgovernment #landlords #newpolicies #economyboost #landlords #rentalmarket #property #changeinpropertylaws #managingagent #newgovernment #rentalagent
22 July 2024
After the Labour Party’s general election victory, Sir Keir Starmer will be the new prime minister. As a new government assembles, what does this mean for landlords and the rental market?
Read on to find out more about what to expect on important topics such as Section 21 evictions, energy efficiency, and landlord tax.
As the dust settles on the general election, landlords will be paying close attention to how the Labour party plans to address a range of issues affecting the rental market. These include:
Rising costs – higher mortgage costs and significant tax changes have reduced returns for many landlords
Rentals reforms – plans to scrap Section 21 evictions were dropped before the election, but Labour has promised to revive them rental housing supply – an imbalance of rental supply and demand has led to unsustainable rent rises for tenants in some parts of the country
Energy efficiency – plans to increase minimum energy efficiency standards in rental properties were scrapped in 2023, but Labour wants to introduce new measures by 2030
What are the Labour Party’s plans for the rental market?
The new prime minister, Sir Keir Starmer, said that the general election was all about ‘change’. With a strong majority in place, the Labour Party will now look to act on their manifesto pledges.
Labour has a range of plans for the private rental sector, as well as proposals for the tax system which could affect landlords.
To immediately abolish Section 21 evictions without improvements made to the court system
Give tenants powers to challenge unreasonable rent rises
To ban rental ‘bidding wars’ between prospective tenants (no details of how this would work have been announced yet)
To introduce a cap on the amount of rent that can be paid upfront by tenants
To extend Awaab’s Law, which requires social landlords to address dangerous hazards such as mould, to the private rental market
To introduce new energy efficiency standards for rental properties by 2030 (it’s not clear which EPC rating will be the new minimum)
To remove the requirement to replace gas boilers by 2030
Key dates for landlords to look out for
The Labour Party Conference is due to take place between 22 and 25 September and could give an indication of the government’s key priorities, plus how Sir Keir Starmer has fared in his first few months as prime minister.
Another date to watch out for is a potential Autumn Budget in October or November. The Labour Party has previously declared that it would hold one Budget a year, instead of alternating spring and autumn budgets and statements.
As a landlord should you be concerned? As experienced letting agents we feel we are in for a real shake up in the rental sector and even more legislations/red tape. If we are your managing agent then you have no reason for concern as we will ensure we are on top of all changes and will keep you in the loop every step of the way as the changes roll out.
If you are managing your own property this may be the perfect time to see if a fully managed package is for you.
Laws for landlords can be a minefield. It is estimated that there are more 170 rules and regulations that apply to the private rented sector, and these are often amended and updated – sometimes at relatively short notice.
So, when it comes to landlord responsibilities, not only is there a lot for landlords to know and understand, but if you don’t have a reliable way of staying up to date with changes, you could easily find yourself unknowingly falling foul of the law, which could be very costly - both financially and personally. If you would like more information please feel free to call us 0113 2899669
#UKgovernment #landlords #newpolicies #economyboost #landlords #rentalmarket #property #changeinpropertylaws #managingagent #newgovernment #rentalagent
About the Author...
Alan Cooke Sales and Lettings have been helping people find their dream homes for over 25 years. Founded in 1999 by our directors Jeremy Harris & Elissia Heanue, we specialise in residential sales ...
Read about Elissia