Land for the Many – Not for Landlords

by Property 118

8:13 AM, 4th June 2019
About 6 months ago

Land for the Many – Not for Landlords

Make Text Bigger
Land for the Many – Not for Landlords

The Labour Party have commissioned an ‘independent’ report titled “Land for the Many” that proposes changes in the way land in the UK is used and governed.

Key proposal headlines include:

Tenancies should be open-ended, and landlords should lose their power to evict a tenant who has not broken the terms of the tenancy agreement for the first three years of the tenancy agreement, and should have to provide grounds for eviction after that point.

Cap on annual permissible rent increases, at no more than the rate of wage inflation or consumer price inflation (whichever is lower)

Replace the council tax with a progressive property tax. This should be payable by owners, not tenants.

Stamp Duty Land Tax should be phased out for those buying homes to live in themselves, and capital gains tax for second homes and investment properties should be increased

Buy to Let mortgages should be more firmly regulated and restricted.

Discourage land and housing from being treated as financial assets by encouraging banks to redirect lending into productive sectors, and encourage a more efficient use of the existing housing stock.

The guiding principle of the report:

“The pursuit of luxury has been a common theme among thinkers on both right and left. But it is evident that there is neither the physical nor the ecological space for everyone to enjoy private luxury. If we all sought to own our own tennis courts, swimming pools, playbarns and art collections, Newcastle would need to expand to the size of London, and London would cover much of England.

But there is enough physical and ecological space for everyone to enjoy public luxury. We have room, even on these crowded islands, for magnificent parks, playing fields, public swimming pools, urban nature reserves and allotments sufficient to meet the needs of all. The expansion of public wealth in land creates more space for everyone, while the expansion of private wealth in land reduces the space available for others, at the cost of most people’s quality of life. The guiding principle of this report is private sufficiency and public luxury.”

Click Here to download the full report.

James Brokenshire, Housing Secretary, said: “These proposals are extraordinary and deeply damaging in equal measure. Labour will stop at nothing to hammer families with more tax and make home ownership a pipe dream for future generations.

“Plans to seize land into public ownership also show Labour’s true colours of more and more state control. This tax bombshell for families would mean family homes with gardens paying far more and higher taxes on pensioners by abolishing the single person discount.”

Labour’s spokesman for the Cabinet Office, said: “For too long, people across the country have had little or no say over the decisions that affect their communities and the places in which they live.  So much of this can be traced back to the broken system of land ownership. Concentration of land in the hands of a few has led to unwanted developments, unaffordable house prices, financial crises and environmental degradation.

“Labour is committed to tackling these head on and delivering a fundamental shift in wealth and power from the few to the many.”



Comments

Gromit

11:38 AM, 4th June 2019
About 6 months ago

Reply to the comment left by Mark Alexander at 04/06/2019 - 11:35
.....but he'll confiscate all your other UK based assets.

Chris Clare

11:39 AM, 4th June 2019
About 6 months ago

Reply to the comment left by Gromit at 04/06/2019 - 11:34
Yes I saw that. However they cannot limit what rents do beforehand or in between tenancies and, as has been seen in New York over the decades, that is when rents really rise sharply. It is ill conceived stupidity designed to lure in the masses just like the tuition fee lie at the last general.

Luke P

11:40 AM, 4th June 2019
About 6 months ago

Reply to the comment left by Dylan Morris at 04/06/2019 - 11:05
There *has* been mention of Right to Buy of private LLs properties...

THALIA K

11:40 AM, 4th June 2019
About 6 months ago

Reply to the comment left by Dylan Morris at 04/06/2019 - 11:05
Please do not give him ideas!

Graham Bowcock

11:58 AM, 4th June 2019
About 6 months ago

This is incredibly worrying, having spent 25 years building a decent business. We have great tenants and mutual respect; we deal with repairs promptly, we improve houses, we get the rent paid. If people like me start withdrawing from the sector where will those tenants go?

My wife and I had decided to maintain our business in the light of others leaving, hopefully ensuring that rents stay up and our profit remains strong (but perhaps not strong enough when considering our significant investment and the risk). However, we may now review as holding houses seems to be getting riskier by the day.

Sam Smith

12:04 PM, 4th June 2019
About 6 months ago

So they want a “We also support calls for a national register of landlords, a ‘property MoT’ to ensure homes in the private rented sector are safe and decent”.

May ask what the council licensing is for then??

Whiteskifreak Surrey

12:09 PM, 4th June 2019
About 6 months ago

Reply to the comment left by Mark Alexander at 04/06/2019 - 11:35
Absolutely agree with Mark! Even under the Tories we are public enemy No 1, so one can only imagine what will happen under Corbynov the Marxist.

Gromit

12:15 PM, 4th June 2019
About 6 months ago

Reply to the comment left by Chris Clare at 04/06/2019 - 11:39
What makes you think that you'll be allowed to increase rents in between Tenancies? or even in the run up to introducing the legislation? (cf. the Budget taxes on tobacco, fuel duty take immediate effect even though Royal Assent to the legislation comes several weeks later).

Corbynista's have already been talking about having rents set by Government in any given area (the practicalities of establishing this, and maintaining it aside).

Appalled Landlord

12:36 PM, 4th June 2019
About 6 months ago

This proposed widow tax is a gift to the Conservative and Brexit parties two days before the Peterborough by-election. It should help reduce the Labour vote even more than in the local elections and the EU election.

Chris Daniel

12:45 PM, 4th June 2019
About 6 months ago

Reply to the comment left by Gromit at 04/06/2019 - 11:34Lots of prospective Tenants Not going to get accommodation then, - turning up at L.A - seeking Emergency accommodation at twice the price.
It would bankrupt Councils as well as landlords, devalue EVEYBODY's property and cause rapid financial collapse.

1 2 3 9

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Housing and lettings market hold their breath

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More