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TODAY'S OTHER NEWS

Shock Labour proposal for private tenants to have ‘right to buy’

Labour has this morning pledged to introduce a shock new policy if it wins the next general election - giving private tenants the right to buy the private homes they live in.  

Shadow Chancellor John McDonnell is promoting the idea as a way to make it easier for workers to buy the homes they live in, while also tackling what he calls the “burgeoning buy to let market” and what he claims is “the problem” of landlords who do not maintain their properties.

McDonnell had told the Financial Times that the price to be paid by tenants wishing to buy their homes would not necessarily be the market value.

“You’d want to establish what is a reasonable price, you can establish that and then that becomes the right to buy ... You (the government) set the criteria. I don’t think it’s complicated.”

He continues: “We've got a large number of landlords who are not maintaining these properties and are causing overcrowding and these problems.” 

McDonnell says the plan would deter landlords refusing to invest in their properties while making what he calls a “fast buck” at the cost of their tenants and the community.

“We’ve got a large number of landlords who are not maintaining these properties and are causing overcrowding and these problems” he says.

Poll: Would you sell your buy to let quickly if this Labour policy was to be introduced?

PLACE YOUR VOTE BELOW

  • James Hurst

    Brilliant McDonnell. Of course if your tenants can buy your property below market value that will incentivise you keep it maintained to a higher standard. Don’t forget that more properties will be available to rent because that’s the landlords dream, to see their investment taken away from them without choice. Is it 1st April today?

  • Simon Shinerock

    The sole goal of. Corbyn McDonnell Government would be to bring down capitalism and replace it with a communist autocracy. They actually want carnage and see it a a price worth paying. There is no serious intention for this policy to help anyone in any way, it’s merely a means to an end. I hope the electorate don’t allow their Brexit fears to open the door to something much much worse

    Algarve  Investor

    You don't really think Corbyn and McDonnell would overthrow capitalism and become a communist state like China, do you? Because that is hyperbole in the extreme.

    I'm assuming you were against the Thatcherite Right to Buy policy as well?

    Also, with the current actions of Boris and co - proroguing Parliament because you don't want MPs to have their say, threatening MPs with deselection if they don't fall in line, banging on about sovereignty and then removing that from MPs for five weeks at a time of national crisis, sacking advisers against the will of their boss, careering towards a no deal that most of the population doesn't want. I'd say they were all far more dangerous and chilling moves than a couple of old socialists with mostly tame centre-left policies.

    I appreciate why people see Corbyn and co as anti-investment, anti-business and anti-free market, but the idea he is the devil incarnate - or as dangerous as a Communist dictator - is plainly ridiculous.

    The current actions of the PM and government suggest we have a far more dangerous cabal in charge at present.

    As someone with a sound command of business, I thought you would be horrified at the prospect of a no-deal Brexit, which every respected body says will cause an economic shock to Britain and almost certainly cause a recession. Not to mention more chronic uncertainty and problems for people like me, who trade and live in both the UK and EU. How can you defend BoJo's actions?

     
  • icon

    Desperate vote winning tactics
    I think virtually every tenant we have could not get a mortgage .. I wonder if they propose to loan the money also !

    Next it will be the DSS will be given a loan to buy their house ... they will say anything to get in power

    icon

    No James, Their plan is Two-fold - Has to be to work, as you say Tenants couldn't afford to buy, even at Discounted prices.
    So how could Labour make this work ? the only way would be to
    1. Heavily discount - wipe off a large chunk of value ( STEAL ) the property from Landlords AND,
    2. LOAN the mortgage repayments, interest free ( would be paid for by the Tax-payer. )
    Basically, Labours re-distibution of wealth that they've been campaiging for - like a Modern-day Robin Hood - with the emphasis very much on ' Robbing '

     
  • jeremy clarke

    As with all communist regimes, those at the top do not care about what happens to the people on the streets, they care not about chaos because they have already planned their exit route. Once in power a commie leader and their cronies start to accumulate huge wealth none of which remains in the country that they are ruining, all in invested in sympathetic countries around the world ready for the big escape. All regime leaders are the same, do as I say not as I do is their mantra as they destroy once great countries.
    The only good thing is that this will strengthen the country's resolve to not vote for corbet and his puppets.

  • icon

    I believe this bunch of clueless twits never ever want to govern that is why they keep coming out with stupid clueless ideas praying that nobody will vote for them. They still earn a living just stirring everybody up. If they had to work for their wages we would see a different bunch. Even that failed Gordon Brown is flogging a dead horse. The seller of Our Gold reserves. We should never forget that the HAMAS supporting Labour took us into a war based on lies.

  • icon

    I wonder what Labours views were when Maggie T allowed thousands of sitting council tenants to buy “the governments” council houses at Knock down prices. Many c. £7k

    The owners upgraded, new kitchen, bathroom, windowed etc. Property then worth c£80k!

    Where were Labour then when these people netted around £60k profit overnight? Not a cheap!!

  • Paul Barrett

    God help us if these evil f#####s get into power.
    BrExit is nothing compared to the devastation that this evil Labour Party could wrought.
    The threat to the normal functioning market economy would be devastating for the UK economy.
    Labour must not attain power by whatever means.

  • icon

    I think you should judge political parties on their actions. The Labour party pretty much left landlords alone from 1997 onwards it was The Conservatives who attacked landlords by introducing section 24, charging a higher rate of Capital Gains Tax and banning letting agent fees to tenants.

    Matthew Fine

    How can you compare the Labour party of Blair with this current bunch of left wing nutters - Blair was a middle ground champagne socialist, this lot are communist nutters.

     
    icon

    I think that the Blair government tried to create more tenants as they were more likely to vote labour in the same manner as the Thatcher government tried to create more homeowners as they are more likely to vote Conservative.

     
    Paul Barrett

    Absolute twaddle.
    The Tories though bad would be nowhere near as bad as the nutty Labour Party would be.
    The Labour Party is the BIGGEST threat to the well-being of this country since Hitler.
    These particular nutters seek the destruction of property rights to then effectively give privately owned properties to the feckless.
    Expropriation of private property would result in a Military Coup against a nutty Labour Party.
    A Coup I would wholeheartedly support.

     
    icon

    I think you are doing exactly what the Tories want you to do.

    Which party was it that had an emergency budget a week after a General Election to introduce section 24 without including it in their manifesto? Answer The Tories.

    Now they are applying project fear to scare landlords into voting for them.

     
  • Kristjan Byfield

    It's almost like they actually don't WANT to win a GE....ever. Staggering. Aside from decimating an entire industry and profession- with so many people relying on property for their pension as government pension is so poor, Id be intrigued to see this impact assessed and McDonnell asked how the government would mitigate that impact?

    Algarve  Investor

    Generation Rent are Labour's main target base - and this will play very well with them. As we saw at the last election, Labour were very good at attracting the youth vote. They will be relying on that base in an increasingly fractured electorate.

    Some people will simply never vote for Corbyn, even if he offered landlords free houses and guaranteed rent for eternity. The industry is already against him, and he isn't going to win them back. But I guess he, and Labour, are relying on the youth vote and the non-voters to get out in greater numbers than ever before, enough to offset the grey vote and those who would never, ever vote for him anyway.

     
  • Bryan Shields

    Just plain nuts and out of touch with reality.

  • icon

    Great,, Labour keep it up i think its a brilliant idea......
    Now come on Boris sort this mess out and get us out Deal or No Deal

  • Angus Shield

    Mr Blair (AKA the champagne Socialist), and family also holds a considerable portfolio; how many other Labour members/supporters also enjoy similar?

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