Landlords could hold the keys for MP's seats

AFS Team·5 December 2019·4 min read
Landlords could hold the keys for MP's seats

Landlords could hold the keys for MP's seats

Landlords who are upset over Conservative and other political party policies for the private rented sector could hold the keys in 124 constituencies, a survey reveals.

An analysis of HMRC data by one national newspaper highlights those areas where those declaring a property income is the same or is larger than the overall majority of the MP who was elected in the 2017 General election.

The findings reveal that of these seats, 55 were won by Conservative candidates and 39 were won by the Labour Party.

The Liberal Democrats won 17 seats, including the constituency held by their former leader, Tim Farron.

Now, the statistics highlight that in those constituencies where the landlords could be a decisive factor in electing their MP - 14 of them are in London, 12 are found in the South East and 11 are in the East Midlands and in the North West.

Constituencies where landlords may influence the outcome

Also, 10 constituencies where landlords may influence the outcome are in Yorkshire and Humber, nine are found in the South West and eight are in the East of England, with six in the West Midlands. In the North East, three constituencies could be affected.

The Residential Landlords Association's policy director, David Smith, said: "Private landlords could be decisive for who ends up after the election in Downing Street.

"For those who are unable to access social housing for their home, the rental sector is their hope of having somewhere to live.

"We call on all political parties to do more in supporting those good landlords who provide the homes we need to rent."

He added: "This is also why all political parties should do more to enforce the range of powers available already for rooting out criminal landlords rather than introducing new obligations that have no hope of being enforced properly by hard-pressed councils."

The analysis also reveals that landlords could decide the final result in 25 seats in Scotland, in Wales they could influence nine seats and in Northern Ireland, it could be six seats.

Landlords reminded over AML rules

Meanwhile, landlords and letting agents are being reminded that new anti-money laundering (AML) rules will be implemented on January 10 next year.

PayProp says agencies must focus on remaining compliant with the current and incoming regulation.

That is because, for the first time, agents will fall under the AML rules and they need to act now to avoid falling foul of them.

PayProp's chief executive, Neil Cobbold, said: "After the election, there will be new rules undoubtedly for agents to consider and which they may need to be consulted on and then be implemented.

"Agencies should focus therefore on compliance issues, including the money laundering directive, which will come into force in January, regardless of who wins the election."

Essentially, the new anti-money laundering rules require a letting agent to carry out checks on tenants and landlords who are involved in a rental transaction of £8,500 or more every month.