What the 2024 General Election means for landlords

 

  •  3 minutes

3 minutes

On Wednesday 22 May, Prime Minister Rishi Sunak announced that a General Election will take place on Thursday 4 July. You might be feeling a sense of uncertainty about what this could mean for you and your buy to let investment.

Landlords provide 1 in 5 homes in the UK

The sector has doubled in size since the early 2000s, with landlords now providing 1 in 5 homes. Ensuring that you can operate effectively has never been more important. We are committed to supporting landlords like you. With over 30 years of experience, we know that a well-functioning Private Rented Sector (PRS) will support a thriving society.

Hear from Damian Thompson, Director of Landlord at The Mortgage Works on the future of the sector:

What does the General Election mean for landlords?

During an election year it is natural to have questions, for example, what are the main parties’ thoughts on landlords? Will there be changes to regulation? How might taxation evolve? What new opportunities or challenges could arise?

Whilst each individual political party will have specific approaches to the Private Rented Sector, any government must understand and balance the needs of landlords and tenants.

To help you navigate changes with confidence, we will be monitoring political developments and the implications they may have on the sector. We’ll share updates as we get closer to election day – keep checking back to hear more.

A key Bill – the Renters (Reform) Bill was in the process of being voted in and passed to law. This Bill was set to see the most significant changes to the Private Rented Sector in a number of years. Read on to understand what will happen to the Bill now an election has been called.

What will happen to the Renters Reform Bill?

The Renters (Reform) Bill was not one of the pieces of legislation that was passed before the general election in the 'wash-up' period. This is the time at the end of a Parliamentary session where Bills underway are fast tracked into law.

The changes in the Bill, including the end of Section 21 evictions will now not come into effect. A new Government will have to start the process with a new Bill in the next session of Parliament which we expect to contain the same set of measures.

A timeline of events:

  • 23 May: Leader of the House, Penny Mordaunt, updated the House on the timetable for the ‘wash-up’
  • 23 – 24 May: the ‘wash-up’ period for the Government to try and get chosen Bills across the line
  • 30 May: the dissolution of parliament takes place. This means the end of a Parliament, in preparation for the campaign period in the run up to the Polling Day. Government ministers will remain in their positions until the new government is formed and any Bills that haven’t made it to Royal Assent will be dropped
  • Sometime between 5 and 16 June: party manifestos will be launched in the run up to Polling Day
  • 4 July: Polling Day
  • 9 July: the new Parliament will be summoned to meet, as well as the election of the speaker and swearing-in of members
  • 17 July: State opening of Parliament and King’s Speech setting out the new Government’s proposed new legislation