How are landlords going to vote in the election?

After plenty of speculation, the date is finally set for the upcoming general election. Prime Minister Rishi Sunak declared that the country will go to the polls on Thursday, 4th July – an announcement timed with the news that inflation has returned to “normal levels”. However, if we read into polling numbers, general sentiment, and the sheer number of MPs choosing not to stand, it still looks set to be an uphill battle for the incumbent government.

However, for landlords, the decision doesn’t yet seem so clear-cut. In our latest landlord survey, we asked landlords to share their voting intentions and thoughts on a potential change in government. Not only did it generate some interesting responses and real concerns, but it also identified the clear opportunity still available for all parties to secure the vote of landlords.

Undecided

Just over four-in-ten landlords said they are still undecided about who to vote for in the upcoming election. Of those who are still unsure, the largest share (35%) were those with portfolios of between four and ten properties. Landlords with 20-plus properties accounted for a quarter, while most undecided landlords (69%) operate within a limited company.

For those who have made their decision, nearly a third (31%) said they will vote Conservative, while 12% will put their cross next to a Labour candidate. Over 5% will vote for the Liberal Democrats, and 10% will choose another party.

More than 40% of landlords, though, are a considerable number who have not yet been swayed by a particular party. No matter which side of the floor a party sits on, there is clearly a valuable opportunity to really engage with landlords, understand and address their issues, and galvanise support from this sizeable base. Given its position in the polls, this would surely be a no-brainer for the current government to try and shift the tide.

Concerns

The same survey found that nearly half of landlords (48%) are concerned about a potential government change. Respondents described Labour as “anti-landlord” and said a potential government presents “too many unknowns,” with regulation unlikely to decrease.

A respondent said: “A Labour government will be traditionally landlord unfriendly. Conservative policies of recent years have also been far too punitive to landlords.”

A clear narrative among respondents is that while Labour would change government if it won, it may not change policies or ideals, especially regarding the treatment of landlords, rental reforms, and tax policy.

Another landlord said: “Everyone is anti-landlord. With a lack of affordable housing, we are the scapegoats. They have increased our tax and compliance burden.”

A lack of voice or representation and similarities in policies and approaches could have left many landlords wondering where their vote should lie. In truth, it has also left some looking beyond the established main parties, hoping for a solution.

There’s no question that landlords need further reassurance from Labour and its leader on their approach to policy. Given the critical role of the private rental sector in providing housing to millions of households, Sir Keir Starmer and Labour must make clear their plans on housing and how they plan to recognise landlords and the private rental sector as essential housing providers.

Resilience

No matter who ends up with the keys to Number 10 following the election, it will inevitably be another event that buy-to-let will successfully weather. For decades, the sector has survived countless new governments and a myriad of political and economic crises and continued to thrive.

Of course, there will always be concerns—like many industries and sectors, we don’t yet know what a change in government will mean for central funding, infrastructure, policy, or regulation. However, we do know that buy-to-let is tremendously resilient and is supported by a whole range of lenders, including Landbay, who are ready and willing to lend and able to support the wealth of talented brokers in meeting a broad range of landlord requirements.

Let’s hope a party strategist sees this research and sees the golden opportunity to win the landlord’s vote. Backing landlords is not just a great way to secure votes; it’s essential to safeguard the future of our private rental sector and UK housing.

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