Is there any chance this Labour proposal could happen? - -London Property Newsletter October 2019
Welcome to your October edition of the Fish Need Water newsletter!
Here’s what we’ve got coming up:
- The latest ludicrous Labour proposal
- All the latest need-to-know news
- Top tool: The Law Society
Is there any chance this Labour proposal could happen?
While the mainstream media is getting in a tizz about Brexit (for the third year running), Labour has been busy gauging reactions to a variety of potential election promises.
Labour proposals never tend to go down well with homeowners or landlords, but even we were surprised by the audacity of this one: they’ve said that tenants should have the right to buy – at a discount – the home they’re renting from their landlord.
Shadow Chancellor John McDonnell says the plan would deter landlords refusing to invest in their properties while making a “fast buck” at the cost of their tenants and the community.
The National Landlords Association has called the idea “ludicrous”. Which, of course, it is:
1: We have no idea how offering tenants a discount will incentivise landlords to invest more in their properties.
2: Most tenants won’t be able to afford the property – even at a discount. So Labour would have to loan them the mortgage repayments (interest-free or at a discount) – funded by ALL taxpayers, not just landlords. Would they really be willing to risk the backlash?
3: This country relies on good landlords because not enough people can afford to buy – and indeed, not everyone wants to buy. But proposals like this encourage people away from the industry, and everyone ends up losing out.
4: Most landlords are good landlords. We shouldn’t be punished just because a few don’t meet their obligations.
We’re hoping this proposal quietly gets dropped, and we’ll let you know of any updates in the meantime.
Neighbours at war: Top ten most annoying habits revealed. Are you guilty of any of these?
Spacious two bed flat in London selling for just £15,000 – is it all it seems? Of course not.
Do I count as a first-time buyer if my wife already owns a home? The commenters on this are pretty funny.
Dream home renovation: How one family overhauled a five-storey house in London — while on a gap year in France. Impressive stuff.
Our useful tool of the month
Just as important as getting a good estate agent is getting a good solicitor (and if you’ve ever worked with a not-so-great one, you’ll know how arduous, frustrating and time-consuming the process of buying or selling a house can be).
The Law Society is a trade body that imposes strict demands on its members – which means you can be reassured that you’ll get a great service if you find a firm through them.
The end! (Until next month)