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  • Writer's pictureEliteLettings

KEEPING UP TO DATE WITH GENERAL ELECTION

Updated: Jun 27


Nigel Farage and his Reform UK party have confirmed that they will be abolishing the Renters (Reform) Bill and scrapping tax changes for landlords.

This is how it is for the rental market and the candidates:


CONSERVATIVES


The manifesto states that they will:


✔︎ Abolish Section 21 no-fault evictions for those in rental accommodation – a policy that was already going through parliament before it was put on hold by the election announcement.

✔︎ Introduce a two-year temporary capital gains tax relief for landlords who sell to their tenants.

✔︎ Make the Stamp Duty threshold for first-time buyers at £425,000 permanent, compared to the usual £250,000 for other buyers.

✔︎ Also re-introduce a “new and improved’ version of the Help to Buy scheme, to help first-time buyers with only a small deposit to put down.



LABOUR


The ‘change’ Manifesto states that they will:


✔︎ Abolish Section 21 no-fault evictions with immediate effect and give tenants the power to challenge their landlords if they believe rent increases are unreasonable.

✔︎ Take priority over overseas buyers on new developments.

✔︎ Also be helped by a mortgage scheme to help those with small deposits afford a mortgage.



REFORM UK


The manifesto states that they will:


✔︎ Pledged to cut Stamp Duty land tax, increasing the nil rate band to all purchases below £750k and reducing the rates charged above that.

✔︎ It also plans to abolish inheritance tax on all estates below £2m.

✔︎ Scrap the 2019 Tax Changes for Landlords. The tax system should encourage smaller landlords into the rental markets. Not penalise them.

✔︎ Abolish the Renters'(Reform) Bill. Existing legislation was adequate to address bad practices. Instead, we will boost the monitoring, appeals and enforcement process.


With The Reform UK's manifesto and their promises to landlords, this could really help the renters market.




Which way are you going, what are your thoughts on this?


Please leave  your comment bellow

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