As a landlord you will already know that no matter what type of letting you manage, you always have to adhere to the rules and regulations set out by the Government and local authorities.
The private rental sector is extremely important when it comes to the UK economy as well as the wellbeing of the public in general, which is why it is regulated so heavily.
However, regulations can change, especially when a new political party comes into power, so here Just Landlords explores in detail three upcoming elections that all landlords should look out for:
22nd May 2014 – European parliamentary elections
The subject of the UK’s relationship with the European Union has been discussed at length recently, as there are some that feel that being part of the EU is not benefitting the UK.
This is why Prime Minister David Cameron recently claimed that if the Conservative Party remains in power after the next general election, (more on that later) he will hold a referendum on whether the UK should remain within the EU.
However, until then, the UK will remain part of the union, which means that today voters are able to choose who they feel should represent the UK.
As the EU can affect decisions based on international trade, workers’ rights and economic development, it is important that landlords consider who they feel will best represent the UK, based on their policies.
This is especially important for landlords that own properties based in Europe, as any changes to the UK’s relationship with the EU could affect future laws.
18th September 2014 – Scottish independence referendum
Scotland becoming independent from the UK is an extremely controversial issue, as there are firm believers on either side of the argument.
While those who want to vote yes claim that Scotland would be better off being independent and no longer having to adhere to decisions made by MPs in Westminster, those that want to vote no are concerned about what will happen to Scotland’s economy if it separates from the UK.
If Scotland leaves the UK there will be a number of issues that need to be dealt with, such as whether they will still be allowed to use sterling currency, which could ultimately have a knock on effect on the private rental sector.
If Scotland does choose to leave the UK, it will be very likely that property prices will be affected as well as legislation concerning the private rental sector and social housing.
Even if you don’t own property in Scotland, this is an extremely important election to look out for, as if Scotland becomes independent, it will send shockwaves throughout the UK.
7th May 2015 – General election
Unless Parliament decides to call it earlier, the next UK general election will be held on 7th May 2015, which is just over a year away.
Even though it feels like there is a long time between now and then, the truth is that political parties have already been planning their policies for a substantial period of time.
As previously mentioned, certain parties are even making promises to the public if they are elected, such as David Cameron and the referendum on the EU.
Other parties, most notably the Labour Party, are already claiming that if they came into power they would change current austerity measures.
Ed Miliband has often vocalised his opinion that even though the economy may be improving, many people are still struggling with the cost of living and the Government’s welfare reforms have only made matters worse.
A change in political party will therefore have a huge effect on the private rental and property markets, which is why many landlords are choosing to protect themselves with rent guarantee insurance policies now.
It is almost impossible for any landlord not to be affected by political changes, which means that the next 12 months will be extremely important for all landlords.
By this time next year, not only could we see new MPs representing the UK in the European Parliament, but also an independent Scotland and a new political party running the country.
Wise landlords have already been preparing their businesses for such changes, which means if you haven’t, now is the time to start.