Legislation changes unlikely to be reversed by new Government
Following the shock result of a hung-parliament in Thursday’s General Election, the Conservative Party is still in talks with the controversial Democratic Unionist Party in order to prop-up the Government.
Eventually, it is expected that Theresa May will strike an unlikely alliance with the Northern Irish party, but this is unlikely to see an end to alterations impacting on the buy-to-let sector.
Legislation Changes
It is fair to say that buy-to-let investors have faced a tough time over recent months, with a raft a legislation changes having been introduced. These include changes to mortgage interest tax relief, Stamp Duty, Right to Rent and EPCs. The list goes on!
Despite this, it is unlikely that any of these policies will be reversed under the incoming Government, according to James Davis, CEO and founder of online lettings agency Upad.co.uk.
Legislation changes unlikely to be reversed by new Government
‘Bashing’
Responding to the election result, Mr Davis observed: ‘The landlord bashing is only likely to continue with Theresa May forming a deal with the DUP to allow her to continue leading the country.’[1]
‘There were no new pledges set out to help struggling landlords in her manifesto. The Tories have proven that they can’t be trusted by landlords; as they continue to use them as a political football to kick around,’ he continued.[1]
Concluding, Mr Davis said: ‘I certainly wouldn’t let one of my properties out to a Tory as you can’t trust them. Whilst the Conservatives have recognised that the 8 million tenants in the UK are worth supporting politically, what they don’t seem to realise is that the changes they want to bring about for landlords, will eventually through the test of time affect tenants far more through higher rents.’[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2017/6/theresa-mays-plan-to-govern-with-dup-will-not-halt-landlord-bashing