Keir Starmer promises clampdown on BTL landlords

Keir Starmer promises clampdown on BTL landlords

16:26 PM, 27th September 2022, About 2 years ago 61

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The leader of the Labour Party, Sir Keir Starmer, says his government will clamp down on buy to let landlords if his party takes power.

In his speech to the party conference in Liverpool, Sir Keir said he would promote home ownership – and stop buy to let landlords and second homeowners ‘getting in first’.

A Labour government would also offer ‘real’ first-time buyers a mortgage guarantee scheme.

Promises to clampdown on BTL landlords

The relevant part of Sir Keir’s one-hour speech that promises to clampdown on BTL landlords is below:

“I’ve seen home ownership rise almost my entire life – it’s the bedrock of security and aspiration. That pebble-dashed semi meant everything to my family. But now, under the Tories, the dream of owning your own home is slipping away for too many.

“And that’s a political choice. Because if you keep inflating demand without increasing supply house prices will only rise. And homes become less affordable for working people.

“So, we will set a new target – 70% home ownership and we will meet it with a new set of political choices. A Labour set of political choices.

“No more buy-to-let landlords or second homeowners getting in first. We will back working people’s aspiration. Help real first-time buyers onto the ladder with a new mortgage guarantee scheme. Reform planning so speculators can’t stop communities getting shovels in the ground.”

Legislation to prevent landlords from buying properties?

While there’s not a lot of detail in Sir Keir’s speech, there’s no indication on how legislation can be drafted and then passed to prevent landlords from buying properties – or would Labour opt for a fiscal solution that would make it impossible for landlords to buy homes to rent out?


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Comments

Mark C

12:25 PM, 28th September 2022, About 2 years ago

I am starting to wonder why I started being a Landlord. One after another the politicians come out with another way to vilify landlords.
As the number of available rental properties dwindle I am sure they will come up with something else to make it less worthwhile.

Ever Hopeful Landlord

13:02 PM, 28th September 2022, About 2 years ago

Just pandering to the left wing victim culture it's bad enough for prl under a Torie gov God forbid under labour

Merlin

14:45 PM, 28th September 2022, About 2 years ago

What a total idiot this guy is and such a disappointment in terms of a leader.

He just throws behind any sail as now a green party and makes sweeping statements without any or little detail. I echo other comments about BTL landlords who are being systemically targeted for the government's lack of housing or affordable housing. Its amazing that these people don't see whats happening with the exodus of LL's.

Trisha

14:57 PM, 28th September 2022, About 2 years ago

Lots of couples in new relationships want to rent/try living together before they commit to a mortgage. I have lots of these type of renters, they stay 2 years on average.

Labour has done more to worsen the housing problem than anyone by uncontrolled mass immigration of 10 million people!
He is clueless.

Reluctant Landlord

15:20 PM, 28th September 2022, About 2 years ago

Reply to the comment left by Mr.A at 28/09/2022 - 12:12
his granny should slap some sense into him!

Darren Sullivan

15:38 PM, 28th September 2022, About 2 years ago

Keir Chancer is saying what people want to hear for votes. If he manages to get in I doubt he will do any of this. This sounds like communism to me taking away peoples hard earned assets and giving them away.

Reluctant Landlord

16:00 PM, 28th September 2022, About 2 years ago

how can you 'stop LL's getting in first'. If a property is for sale ANYONE can buy it.
If you ain't got the money you can't buy - but that goes for anything - why is housing any different?
The Banks make the decision who they lend money to and that's always on the basis of risk, in turn based in income.
Unless you turn this around the rest is waffle.

Anyway it not a case of buying a house, its then running it. Council tax, utility bills, maintenance, insurance etc...

What about those not wanting to buy at all not or ever? Those who move for work? Those who don't want a mortgage/financial commitment for 25 years? Where are they going to live if you stop people buying to rent???

Muppet!

David Calver

16:38 PM, 28th September 2022, About 2 years ago

I'm starting to feel like a member of a terrorist group. Rather than wait to be classified as one I'm going to start a group called SLAG

Small Landlord Action Group!

Who's in?!!

Freda Blogs

16:42 PM, 28th September 2022, About 2 years ago

A property owner has the choice who to sell to.

Investors may be a better purchaser than an owner occupier for a number of reasons - better price, no chain, no mortgage etc.

Denying an opportunity to a Landlord is to deny freedom of choice to a seller. I wonder how many prospective sellers would want their hands tied by this ill conceived 'initiative' and be obliged to sell to a potentially inferior buyer?

John McKay

18:50 PM, 28th September 2022, About 2 years ago

The bloke's off his rocker. There's loads of FTBs getting on the ladder already and I have no issue whatsoever with more doing so, but he seems to be of the opinion that landlords have first refusal on any property that comes to market, and that of course is nonsense. So what is a 'mortgage guarantee scheme' if not a DIP? And of course every FTB should be getting a DIP before they start house hunting.

If this scheme in any way delays a sale then the vendors are not going to be too chuffed. Just more Government induced bureaucracy slowing down the system.

They want the SRS to be the second biggest provider of homes but they've scaled back on their commitment to build more, and they still don't get that if they build a massive amount of new houses then they will force prices up, not bring them down. Construction material prices will go through the roof (no pun intended) as will skilled labour.

How is that going to increase the percentage of home ownership?

If you rent your home things are going to get a lot worse under Labour as they hammer landlords more and force them out of the market. Not going to be much of a vote winner IMHO.

And they fail to acknowledge the elephant in the room with immigration increasing demand for housing every single day.

And they want to run the country! Unfortunately they will probably get their opportunity to do so.

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