Labour commits to introducing rent controls

Labour commits to introducing rent controls

14:41 PM, 27th September 2017, About 7 years ago 71

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In Jeremy Corbyn’s speech at the Labour party conference today in Brighton he committed the party to introducing rent controls if they got into power.

In his speech Corbyn said:”We will control rents, when the young generation’s housing costs are three times more than that of their grandparents. That is unsustainable.”

“Homes should be for the many not speculative investments for a few.”

“Rent controls exist in many cities across the world and I want our cities to have those powers too and tenants to have those protections”

No further details of how rent controls would work precisely were given in the speech. However, Andrew Gwynne, Labour’s general election co-ordinator, later said “if New York has them then London can have them.”

Gwynne indicated that rents have soared under an unregulated rental market and action is needed to bring the costs down which will be fleshed out in a Green Paper in due course.

On the availability of housing in general Corbyn went on to say: “We also need to tax undeveloped land held by developers and have the power to compulsorily purchase.

“When councils come forward with proposals for regeneration, we will put down two markers based on one simple principle – regeneration under a Labour government will be for the benefit of the local people, not private developers, not property speculators.

“First, people who live on an estate that’s redeveloped must get a home on the same site and the same terms as before. No social cleansing, no jacking up rents, no exorbitant ground rents. And second, councils will have to win a ballot of existing tenants and leaseholders before any redevelopment scheme can take place. Real regeneration, yes, but for the many not the few.”

Editors Note:

ONS Chart below provided by Property118 member

 


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Comments

NW Landlord

13:28 PM, 30th September 2017, About 7 years ago

And sometimes we just haven’t been able to get enough English labourers so what do you do ? This brexit is gunna hurt when it comes to filling a variety of roles as a lot of people from here just don’t want to do certain jobs hence why you see so many migrant workers on the building sites hotels cleaners etc

Michael Holmes

18:45 PM, 30th September 2017, About 7 years ago

I don't know who compiled that chart, but mortgage interest declining by -8% is a pipe dream as far as my experience goes. I am being quoted anything from 5-8% APR for a BLT remortgage at the moment! I quite agree with the majority of comments in this post however, The Labour Conference was like watching the political equivalent of Life On Mars!

Gary Dully

0:50 AM, 1st October 2017, About 7 years ago

I live in Birkenhead and I am amazed at the attitude and attention that Corbyn is getting by the media.

The one place you would think that would remember what it was like in the 1970's under Labour left wing economic and union control, would be this place.

But in places, they actually think he is the bloody messiah.

He is an absolute disaster of economic illiteracy in a pair of hush puppies.

The amount of money that will leave this country, two nano seconds after he is elected, will cause the computers in the financial markets to fry their circuits.

By the time they switch them back on, anyone with a job outside of a council department will be left eating frogs from ponds, as even the food banks dry up.

It is bloody scary, up north!

Monty Bodkin

11:28 AM, 1st October 2017, About 7 years ago

Theresa May on The Andrew Marr show this morning said she wanted to incentivise landlords to give longer tenancies.

Any suggestions of how?

The realistic prospect of being able to evict a non paying, ASB tenant within a reasonable time scale would be a start.

Mark Alexander - Founder of Property118

11:51 AM, 1st October 2017, About 7 years ago

Reply to the comment left by Monty Bodkin at 01/10/2017 - 11:28
If she was to tell landlords and tenants about Deed of Assurance and Government would endorse it and encourage the likes of Citizens Advice and Shelter to do the same the tiny problem that's been blown out of all proportion would stop without having to introduce further draconian legislation or to waste tax payers money on incentives.

NW Landlord

12:00 PM, 1st October 2017, About 7 years ago

I'll give you an idea Theresa scrap trying to tax individual landlords out if existence and then we may offer longer tenancies. The lack of joined up thinking of these fools who run our country is scary. Oh and have a guess who is responsible for the role out of universal credit our old friend David Gauke !!!! That should go well then maybe get Count Osbourne in as a adviser the mind boggles.

Monty Bodkin

12:09 PM, 1st October 2017, About 7 years ago

Reply to the comment left by NW Landlord at 01/10/2017 - 12:00
"I'll give you an idea Theresa scrap trying to tax individual landlords out if existence and then we may offer longer tenancies."

Maybe they will.

Perhaps this is a way to scrap or water down Osborne's bonkers section 24 without upsetting the anti-landlord brigade too much;
Give 12 month tenancies and be exempt section 24.

(ever the optimist!)

Richard U

9:42 AM, 3rd October 2017, About 7 years ago

Reply to the comment left by Monty Bodkin at 28/09/2017 - 19:03
Hi Monty,

Mortgages with Leeds BS. Interested in the % of rented homes that have no mortgage? Seems like Section 24 is only hitting the minority?

Dr Rosalind Beck

10:07 AM, 3rd October 2017, About 7 years ago

Reply to the comment left by Richard U at 03/10/2017 - 09:42
A minority of landlords and possibly a majority of tenants.

NW Landlord

10:26 AM, 3rd October 2017, About 7 years ago

Just on my way to tell a tenant who has been in the house for 11 years that it is going up for sale.

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