Land for the Many – Not for Landlords

by Property 118

8:13 AM, 4th June 2019
About 5 months ago

Land for the Many – Not for Landlords

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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

Kathy Evans

18:41 PM, 9th June 2019
About 4 months ago

Reply to the comment left by Mick Roberts at 09/06/2019 - 15:55
Best bet is to give up, don't get a job, go on the dole and Corby will pay your rent and your food and your heating and lighting while you lounge around with your feet up. Why bother to work, it doesn't make sense?

Terry Fitzpatrick

20:22 PM, 9th June 2019
About 4 months ago

Reply to the comment left by Kathy Evans at 09/06/2019 - 18:41
Until there is no one left to work and pay taxes and everything collapses.

Old Mrs Landlord

21:06 PM, 9th June 2019
About 4 months ago

Reply to the comment left by Mick Roberts at 09/06/2019 - 15:55Plus, Mick, the source of income we were depending on for our retirement and the reason we did it all, is stolen from us and we have to live the rest of our lives in state-dependent penury. But we're told we haven't lost anything because we get back the prices we paid for the properties before renovation 12-20 years ago!.

AJ

21:08 PM, 9th June 2019
About 4 months ago

Reply to the comment left by Terry Fitzpatrick at 09/06/2019 - 20:22
As they say, Socialism is great until you run out of someone else's money.

Mick Roberts

5:59 AM, 10th June 2019
About 4 months ago

Exactly that Kathy & Old Mrs,
A lot of us have similar stories, making nothing, even losing in the early years.
I sometimes clear out one of me house files. In 2007, I was losing on one of me detached houses £200pm, which I knew I would be, as to get it back eventually in the Capital Gain. But if we giving away the Capital Gain, what's the point.....

bob the builder

7:53 AM, 10th June 2019
About 4 months ago

Land of the many; starving people with hyperinflation, a worthless currency and a collapsed housing market...Venezuela 2.0

Kathy Evans

12:10 PM, 10th June 2019
About 4 months ago

Reply to the comment left by Terry Fitzpatrick at 09/06/2019 - 20:22
Nah, all those high earning MPs will fund us all out of their taxes. Who will pay them? Who cares, we'll be growing our own food in the lovely public parks and burningthe benches for warmth!

Bill O'Dell

13:52 PM, 10th June 2019
About 4 months ago

Corbyn is more than dangerous he will break the back of any entrepreneur he can find it would seem. Does he not realise that being a landlord is not a recipe for a quiet profitable life, but is often a highly geared business working hard to maintain income and overhead cover as well as providing additional employment from their commercial activity?
I can't think of a single reason to ever vote Labour. Never seems a good idea to me.

Appalled Landlord

15:00 PM, 10th June 2019
About 4 months ago

Reply to the comment left by Bill O'Dell at 10/06/2019 - 13:52
The union that most civil servants are eligible to join wants Corbyn to be Prime Minister.

https://www.property118.com/dont-forget-landlords-boris/#comment-114013

Kathy Evans

15:19 PM, 10th June 2019
About 4 months ago

Reply to the comment left by Appalled Landlord at 10/06/2019 - 15:00
Well, civil servants and council officers are another bunch who are paid for by the tax payer for doing little that is actually useful (and doing that fairly unproductively) - I used to work in the public sector!

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