Labour want to tell you when and how much to sell for

by Property 118

9:27 AM, 2nd September 2019
About 3 months ago

Labour want to tell you when and how much to sell for

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Labour want to tell you when and how much to sell for

John McDonnell Labour Shadow Chancellor has given an interview to the Financial Times outlining a ‘tenants right to buy’ policy idea first muted by Jeremy Corbyn in 2015 stating it would be a “great and radical solution to the burgeoning buy-to-let market.”

Labour want to redistribute wealth and raise living standards by forcing landlords to sell to tenants at a predetermined discount under a scheme similar to Margaret Thatcher’s council right to buy policy in the 80s.

McDonnell said: “You’d want to establish what is a reasonable price, you can establish that and then that becomes the right to buy. You (meaning the Labour party) set the criteria. I don’t think it’s complicated.”

“We’ve got a large number of landlords who are not maintaining these properties and are causing overcrowding and these problems.”

“In my street now a third of the houses are right to buy, badly maintained, overcrowded. It’s horrendous.”

Conservative MP, Michael Fabricant, told the MailOnline: “McDonnell has promised he would overturn the mixed-economy capitalist system if he came to power. This manoeuvre is just the start.”

“It would decimate the rental market in the UK, creating a shortage of properties available to rent.”

Andrew Bridgen, another Tory MP, said: ‘This is a frightening insight into what it would be like if this man ever became Chancellor of the Exchequer.

“These policies would destroy the private rental market as well as crash the entire housing market. It would also lead to a rise in homelessness, which Labour claims to be against.

“It’s true to his declared ambition to destroy capitalism.”



Comments

Steve Dow

5:47 AM, 3rd September 2019
About 3 months ago

If I understand this right. The landlord will be forced to sell to the tenant as likely as not a discount from true market value. Once purchased the tenant can then turn round and re-sell it at market value. Then move into another rental property and do the same. Seems a good little earner for the tenants.

Though isn't that what happened with the council houses already.

arorat

8:46 AM, 3rd September 2019
About 3 months ago

Reply to the comment left by Steve Dow at 03/09/2019 - 05:47
The Tennant may be required to stay there for a period before rolling it over and laughing all the way to the bank or rather online banking using your high speed Internet.

Dylan Morris

6:49 AM, 4th September 2019
About 3 months ago

So in many cases landlords will lose the deposit they put down to purchase the property. Also what happens if the RTB sale price does not cover the mortgage debt. As usual no detail at all from Marxist McDonut.

Hamish McBloggs

11:16 AM, 4th September 2019
About 3 months ago

As usual I'm confused.

“In my street now a third of the houses are right to buy, badly maintained, overcrowded. It’s horrendous.”

Does RTB here mean that they should be RTB but currently are not and he wants them to be to prevent overcrowding etc?

or does RTB here mean the RTB has been exercised and consequently overcrowded etc? In which case this would be an argument against RTB.

It won't be the first time I have the wrong end of a stick. It's just that I can't seem to find an end to grasp.

The statistically significant 6 houses on his street is clearly representative of both the regional and national picture.

There's a (fictitious until my spokesman finds one) country lane were 50% of the houses are owned by landlords. There are 2 houses. It's a disgrace.

Hamish

Gromit

11:21 AM, 4th September 2019
About 3 months ago

Reply to the comment left by Hamish McBloggs at 04/09/2019 - 11:16
The comments made by McDonnell have already been exposed by his neighbours to be a complete lie.

https://www.dailymail.co.uk/news/article-7419549/John-McDonnells-neighbours-deny-claim-street-badly-maintained-overcrowded-homes.html

colette

11:34 AM, 4th September 2019
About 3 months ago

Reply to the comment left by Appalled Landlord at 02/09/2019 - 09:53
according to the daily mail he bought his ex council house and it is now worth £700k. they spoke to neighbours in the street which is extremely well looked after and only one house was rented out. they also photographed the surrounding area and spoke to various people from all backgrounds and all responses seem to indicate he was speaking a load of bul*o*ks and none of them were very pleased at how he described the area. Clearly making false statements to try and support a very left wing view has backfired in h is case.

Larry Sweeney

23:21 PM, 4th September 2019
About 3 months ago

Who would finance the tenant purchases. 1.6 Million landlords would need to make it clear to the banks that we will not accept them being complicit in the theft of our property.
This stupid proposal by Mcdonnell, defies belief. They are consumed by hatred of those who build and prosper. Will landlords just accept this kicking. Alliance members will not and under no circumstances will we accept any legislation to that effect . What will we do? First step lets confiscate mcdonnells Holiday home for the homeless.

Ralph Hemmi

11:57 AM, 7th September 2019
About 3 months ago

What most people have missed is the following:
HMOs/Student lets would not be applicable for obvious reasons as one person cant buy a house when they only rent a room.
The majority of single ASTs in our portfolio are in Wales and they are renting because they cant get the £5k deposit together to buy somewhere - this wont change so I don't really feel any threat......
Others may feel differently but if it comes to it then there will obviously be a legal challenge before that happens.
All vote catching rubbish!!

Alan Wong

20:34 PM, 7th September 2019
About 3 months ago

What a lunatic! Basically legal theft of private properties. Is he going to pay the tenant discount he is going to 'give' to the tenants from the landlord's private properties? So this is government manipulating capitalism or free market? Basically another government control/manipulation of the market which is not real capitalism or free market? We often accuse of other countries manipulation of the market while we are the ones doing it.

Also how does stealing landlords properties and give them to the tenants going to resolve overcrowding. So if 5 people stay in a 2 bedrooms flat now, when the tenant becomes the owner how does it change that? If the country is short of properties, how does placing say 50 tenants as owners of the 'existing' 50 flats give way to any more flats and resolve shortage of properties? Total illogical. I was about not to vote in the first time of my life due to the abuse from the Tories to landlord since 2008, but now its a matter of who is the lesser evil to vote for as they all seem to be so unreasonable towards private housing providers. I know it is not labour for sure.

Alan Wong

20:38 PM, 7th September 2019
About 3 months ago

And the fact is we all know most tenants who have bought council properties eventually sell, so this is the council trying to buy it back through this plan. The council asked me to sell properties back to them for years now but we are efficient and proud private providers to tenants so we did not. It looks like this is the government saying well we will steal them if you do not sell at our manipulated valuation price which is what they offered me for years through their 'valuer'.

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