Good morning #StoreTroopers.
Alright, let's dive into a topic that's buzzing in property circles today. As the UK gears up for the General Election, it turns out a lot of our landlord and letting agent pals are scratching their heads, trying to figure out who deserves their vote. Sounds familiar, right? This fog of uncertainty has enveloped a significant portion of the UK’s property professionals, me included. A recent joint survey by the National Residential Landlords Association (NRLA) and PropTech firm Goodlord analyses this surprising level of indecision as to where their members vote will go on 4th July.
The survey, engaging around 1,000 property experts, highlights that 45% of landlords and 39% of letting agents have made up their minds about their preferred political party. But what about the 27% of landlords and 19% of letting agents who remain open to persuasion, plus the nearly one-fifth who are squarely undecided. Here's where it gets spicy: a whopping 81% of landlords and 70% of letting agents reckon the specific promises made by the political parties will sway their vote. That's a lot of votes up for grabs if the parties play their cards right, especially on issues that hit close to home in the private rental sector (PRS).
Nearly three-quarters of landlords polled assert that these policies will guide their voting behaviour. So, what are the key policies letting agents have identified that could win their support? Well, a quarter of those polled lean towards a party that promises to reinstate tax relief for landlords under Section 24. With many of us also favouring the retention of Section 21, the General Election bodes well, as the Renters Reform Bill will not become law before parliament is prorogued this Friday 24th May.
Ben Beadle, chief executive of the NRLA, suggests that the current political climate offers a unique opportunity for parties to garner support from property professionals by addressing PRS concerns effectively. “With British politics in a state of flux in the run-up to the General Election, these findings reveal how both parties, with the right approach, can win landlord support for policies which will help build a stronger private rented sector,” he notes.
So, as the election countdown continues, it's clear that the power of the undecided property professional is not to be underestimated. Parties, take note: clear, beneficial policies for the PRS might just be your ticket to winning over this crucial crowd. What do you think? Are the parties hitting the right notes, or is there more they need to do to win your vote?
Until next time, keep your investment compass steady and your dreams of property prosperity alive!
The Anonymous Investor.
*This blog post is for general information only and is not financial advice. Always speak to a financial advisor for guidance on your specific situation.
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