Labour plans would cause a Mass sell-off

by Property 118

10:54 AM, 2nd September 2019
About 2 weeks ago

Labour plans would cause a Mass sell-off

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Labour plans would cause a Mass sell-off

Labour plans to force landlords to sell homes to tenants for less than market rates would kill off the private rented sector, says the RLA.

Shadow Chancellor John McDonnell has today proposed a new ‘Right-to-Buy’ scheme for private sector tenants to tackle what he describes as the “burgeoning buy-to-let market” and the problem of landlords who do not maintain their properties.

McDonnell said that, should Labour win the next election, the party would bring in legislation allowing tenants to buy their rental home – and not necessarily for the market price.

Mass sell-off

David Smith, policy director for the RLA said: “Labour’s proposal would effectively kill off a large part of the private rented sector denying a home to many thousands of people.

“If there was to be any chance of this becoming law, there would be a mass sell-off of properties in advance.

“The RLA is all in favour of landlords selling to sitting tenants, but it must be entirely voluntary. Anything else amounts to a form of compulsory purchase.”



Comments

Pete Moore

9:52 AM, 3rd September 2019
About 2 weeks ago

Ok, so I work hard to save my deposit, pay stamp duty etc, pay the mortgage for years etc, maintain the property for my retirement then Labour allows the tenant to buy at below the market price against my will and I loose my hard-earned equity?

OK... so now the tenant now becomes a landlord, rents it for a few months and sells at full price, then maybe goes back into renting (while driving his Ferrari) and forces another landlord to sell at below-market price? Hmmmm... Labour??? Is this the best you can come up with to win elections?

Luke P

10:17 AM, 3rd September 2019
About 2 weeks ago

I'm sure many LLs would rather burn the place down than effectively give it to the tenant. Not that I agree, but why don't they just make BTL completely illegal and then we'll see how far the country gets...

Roger P

10:27 AM, 3rd September 2019
About 2 weeks ago

Here's a Letter I would love to write to my tenants before the General Election
"Dear {tenant},
In the event of a Labour victory in the upcoming Election and their proposed plans for the private rented sector, I will have to serve you notice and sell my properties as soon as possible to avoid bankruptcy. This is fully the result of John (Marxist) McDonald and Jeremy Corbyns' policies - vote with care"

Mike

10:44 AM, 3rd September 2019
About 2 weeks ago

I had to pinch my fingers, and slap my face, what I was reading, this sure can't be real! OMG ! Please Lord Jesus, you need to come down to earth please, to protect our moral earnings and Assets, for which we worked so hard, this team of Corbyn's moron robbers acting as MPs want to force us to hand it over at cost price, please strike a bolt of lightening on them so they can never come to power ever again. Amen.

Steve McNair

11:25 AM, 3rd September 2019
About 2 weeks ago

What if the below market price meant that the selling price was below what was owed on the mortgage?

So landlords would be forced to sell houses and be in negative equity and have to find thousands to give their houses away?

Seriously ??

Luke P

11:37 AM, 3rd September 2019
About 2 weeks ago

Reply to the comment left by Steve McNair at 03/09/2019 - 11:25
It's obvious it's not been thought through and nothing more than an idea or soundbite. Hot. Air.

Michael Barnes

15:20 PM, 3rd September 2019
About 2 weeks ago

Where is the source information?

Ian Narbeth

16:07 PM, 3rd September 2019
About 2 weeks ago

Reply to the comment left by Steve McNair at 03/09/2019 - 11:25
And if you have several properties charged to one lender and they won't release any security unless the whole loan is redeemed but only one of your tenants wants to buy? What then?

You will also find shysters moving in, as they did with Council House sales, subbing tenants the money and then selling on at a profit and giving the tenant some money for his trouble.

Socialism is Theft

Andrew broughton

17:40 PM, 3rd September 2019
About 2 weeks ago

One if the most stupid ill thought out ideas I have ever heard.

And one that will garentee a significant reduction in properties to rent.

It's shear madness.

colette

20:02 PM, 3rd September 2019
About 2 weeks ago

so if you are forced to sell your property at a discount but over the years have built up a large amount of equity what about capital gains tax on the sale to the tenant given the indication that you will be forced to sell?

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