On the day before the general election, a survey from Foxtons revealed that no matter who wins the election on Thursday, the results will make no difference to the majority of landlords in terms of whether to grow or sell their portfolios.
The results are from a survey conducted by Foxtons, with over 1,000 landlords replies from its 28,000 property portfolio. It studies the impact the General Election would have on them as landlords.
The survey revealed nearly 59% landlords expect a new Labour government would make no difference to their decision whether they grow or sell their portfolios, rising to 76% under a Conservative government.
Regarding the support for a sustainable PRS, landlords do not see any of the largest political parties supporting the sector. Only 9% strongly agree that the Conservative Party supports the PRS, with 28% slightly agreeing, and perceptions of Labour support are lower, with 7% strongly agreeing and 14% slightly agreeing.
On voting intentions, three quarters of landlords say that political parties’ policies towards the private rented sector will have an important impact on how they vote tomorrow. Specifically, 37% of respondents indicated that these policies are very important as well as 37% somewhat important. Conversely, 15% considered them not very important, and 11% stated they have no impact on their voting decisions. Additionally, the survey found that 63% of landlords believe legislating against market rent has the potential to disrupt landlord calculations.
In response to questions about what changes landlords would like to see in the PRS, an increase in supply of social housing so low-income and homeless households do not have to rely on the PRS was ranked the most important by 30% of landlords. Meanwhile, reform to land developments was ranked as least important.
Managing Director of Lettings at Foxtons, Gareth Atkins said: "The upcoming election is set to have a significant impact on the private rental sector, with landlords closely monitoring party policies and their potential effects. Our survey indicates that a considerable number of landlords are concerned about the implications of legislating against market rent with the majority of landlords thinking it will have the potential to disrupt landlord calculations. Overall, it seems that most landlords will not be altering their approach to investing in, owning and renting their properties. This should also be seen as most welcome from the point of view of tenants too in that it is unlikely that landlords will be running for the exits on Friday - no matter what happens”.
