Around half of landlords are unsure about how they will vote in the General Election.
A joint survey of around 1,000 property professionals by the National Residential Landlords Association and PropTech company Goodlord reveals mixed sentiments among landlords and letting agents. The survey found that 45% of landlords and 39% of letting agents have already decided who they will vote for. However, a significant portion remains undecided. Specifically, 27% of landlords and 19% of letting agents say they are open to having their minds changed before the election. Additionally, 19% of landlords and 26% of letting agents are currently unsure about who they will support in the General Election.
This uncertainty reflects the varied priorities and concerns within the property sector, with many professionals likely waiting to see how party manifestos address key issues affecting the rental market. Policies on taxation, regulation, and support for both landlords and tenants will be crucial factors influencing their final decision. The survey underscores the importance of the upcoming election in shaping the future landscape of the property industry.
According to a joint survey conducted by the National Residential Landlords Association and PropTech company Goodlord, a significant portion of landlords and letting agents are undecided about how they will vote in the upcoming General Election. The survey, which polled around 1,000 property professionals, revealed that 45% of landlords and 39% of letting agents have made up their minds on their preferred political party. However, 27% of landlords and 19% of letting agents are still open to persuasion, while 19% of landlords and 26% of letting agents remain entirely unsure about their voting intentions.
The survey underscores the importance of party policies on the private rented sector (PRS) for these voters. A striking 81% of landlords and 70% of letting agents indicated that the specific policies adopted by political parties would play a critical role in their voting decisions. This suggests that political parties that actively engage with and address the concerns of the PRS could potentially secure a substantial number of swing votes from within this sector.
Among the landlords surveyed, 73% reported that party policies related to the PRS would influence their vote, with only a small minority of 6% stating that such policies would have no impact on their voting decision. This indicates a strong preference for political platforms that prioritize and address issues pertinent to landlords and the wider rental market.
Letting agents also highlighted several key policy areas that could sway their votes. Notably, 24% of letting agents would be more inclined to vote for a party that pledged to reinstate tax relief for landlords under Section 24 of the Finance Act 2015, which has significantly impacted landlords’ profits. Additionally, 22% of letting agents expressed a preference for a party that would retain Section 21, the so-called “no-fault eviction” clause, which is set to be abolished under the proposed Renters Reform Bill. These policies are seen as critical by many in the industry who argue that they provide essential protections and financial incentives for landlords.
The survey results highlight a potential opportunity for political parties to gain support from the PRS by clearly outlining their policies and demonstrating a commitment to addressing the sector’s challenges. With a significant number of landlords and letting agents still undecided or open to changing their minds, the upcoming election could see these voters playing a pivotal role in determining the outcome. Engaging with these stakeholders and offering clear, supportive policies could be a decisive factor for parties looking to secure their votes.
However, despite the private rental sector policy being a key area of concern for both agents and landlords, property professionals consider other areas to be more important when deciding how to vote.
The cost of living crisis is the top priority for letting agents, with 51% ranking it as their main concern. In contrast, only 17% of landlords see it as their number one issue.
For landlords, the primary concern is the general economic competence of the government, with 43% citing it as their top priority, compared to only 21% of agents.
Despite these differences, both landlords and letting agents agree that policies relating to the NHS and taxation are their second and third most valued priorities, respectively.
Ben Beadle, chief executive of the National Residential Landlords Association, says: “With British politics in a state of flux in the run-up to the General Election, these findings reveal how both parties, with the right approach, can win landlord support for policies which will help build a stronger private rented sector.”
“This data shows how landlords and agents are eager to support a party that promises to establish a successful rental market. We urge the Government to continue engaging with key stakeholders across the sector to address the legitimate concerns of both groups.”
William Reeve, chief executive at Goodlord, adds: “With an election approaching, it’s interesting to see how many property professionals are still undecided. While landlords and estate agents may not always have the best media image, there are around 3 million of them in the UK. This is a constituency no politician should ignore. This report highlights that, besides critical issues like the economy, cost of living, and NHS, property professionals are closely watching party positions on the Private Rental Sector.”
You can read the full copy of the report by clicking here.
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