The prospect of a general election is looming large after Boris Johnson signalled his determination to trigger a snap vote on October 15 as the Brexit mess continues.
But before people are potentially asked to cast their vote in what would be the third election in just over four years, ARLA Propertymark is warning that ‘landlords would be hit by a Labour government’.
The trade body for letting agents refers to research made by the Financial Times which concluded that the UK’s 2.6m landlords would ‘face a moment of reckoning’ if Labour won the next general election.
The concern comes after shadow chancellor John McDonnell said he wanted a “right to buy” scheme for private tenants as well as higher taxes on landlords.
ARLA Propertymark believes that the Labour leadership, which it describes as ‘the most left-wing in modern history’, is determined to shift power away from landlords and give it to tenants.
The shadow chancellor has told the FT that he wants to “tackle the burgeoning buy-to-let market” by introducing a new “right to buy” for millions of private tenants.
To add, he suggested the sum paid by tenants would not necessarily be the market price.
He said: “You’d want to establish what is a reasonable price, you can establish that and then that becomes the right to buy.
“You [the government] set the criteria. I don’t think it’s complicated.”