43% of UK landlords were optimistic that Labour’s victory in the 2024 General Election would benefit them, Finbri’s 2024 Landlord Report has revealed.
However, landlords felt that the Conservatives winning would have been better.
Labour’s landslide win, securing 411 seats compared to the Conservatives’ 121, marked a significant shift in the political landscape.
With 2.8 million landlords and 8.6 million renters in the UK, the policies of the new Labour Government are set to have a wide impact.
Prime Minister Sir Keir Starmer emphasised Labour’s “need to tackle the rented sector” and protect renters, and the Deputy Prime Minister called for a balanced approach: “Our plans will support good landlords, but we are calling time on unscrupulous landlords strangling growth.”
Landlords were divided in their reaction to Labour’s victory.
Finbri’s report, which surveyed 755 UK landlords, found that 43% thought a Labour win would benefit them, 34% saw it as negative for landlords, and 23% were uncertain.
A private landlord for over 10 years said: “Generally, I’m happy about Labour winning, although I do have concerns about their policies for second home and inheritance tax.
“I understand the concerns of other landlords about how the new Government might impact them.
“But landlords were already feeling the need to leave the market under the Conservatives.
“There’s uncertainty about how Labour will handle the rental market, but I’m willing to give them a chance right now.”
In contrast, 34% believed a Labour win would negatively impact them, a growing sentiment in comment sections on landlord sites.
Concerns centred on the abolition of Section 21 ‘no-fault’ evictions, which limits landlords’ ability to regain possession of their properties.
Additionally, the potential for increased capital gains tax (CGT) and the uncertain impacts of Labour’s housing policies contributed to their unease.
The survey also highlighted that landlords generally supported the Conservatives more, with 48% believing a Conservative win would have been beneficial to them.
Under a Labour Government, landlords can expect various impactful changes driven by policies to transform the rental sector.
The Deputy Prime Minister Angela Rayner highlighted Labour’s commitment to creating a secure rental market and that their plans will ‘support good landlords’.
Labour has set a target to build 1.5 million new homes over the next five years, aiming to alleviate the current housing crisis.
Its manifesto promises the “biggest boost to affordable housing in a generation” and prioritises first-time buyers.
This initiative will increase opportunities for first-time buyers and buy-to-let (BTL) investors.
