REVEALED: What are the UK political parties’ key private rented sector policies?

Which way is the political wind blowing for landlords? Ahead of tomorrow’s local and regional elections, we ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - REVEALED: What are the UK political parties’ key private rented sector policies? | LandlordZONE.

REVEALED: What are the UK political parties’ key private rented sector policies?

Which way is the political wind blowing for landlords? Ahead of tomorrow’s local and regional elections, we take a look at the main political parties’ policies and their plans for the PRS.

Conservatives

The Conservatives have famously declared they want to turn Generation Rent into Generation Buy – evidenced by the government’s mortgage guarantee scheme announced  in the last Budget.

They are backing the introduction of the Renters’ Reform Bill and plan to remove section 21 ‘no fault’ evictions. In London, Conservative candidate Shaun Bailey has announced he wants, “more homeowners and fewer private landlords”. He wants to build 100,000 shared ownership homes available for £100,000, requiring only a £5,000 deposit.

Greens

The Greens believe assured shorthold tenancies should be phased out and replaced with a new stable rental tenancy. They have also called for the abolition of section 21 and rent controls to achieve a living rent.

To tackle rogue and slum landlords, the Green Party would simplify and toughen up the Housing Health and Safety Rating System, ensure local authorities dedicate adequate resources to proactively enforce it and has backed a national landlord licensing scheme.

Lib Dems

The Liberal Democrats have promised to scrap business rates altogether and replace them with a levy on landlords. It would also allow local authorities to increase council tax up to 500% where properties are being bought as second homes.

The party plans to introduce a new ‘rent to own’ model for social housing where rent payments give tenants an increasing stake in the property, so that they own it outright after 30 years. It’s also in favour of scrapping Section 21 and mandatory landlord licensing.

Plaid Cymru:

Plaid Cymru proposes a Fair Rents Bill, which would include measures such as ending ‘no-fault’ repossessions and providing tenancies of indefinite duration. It also wants to make tenancies more transferable between generations and to give councils the power to set a Living Rent rule to cap rent in rental pressure zones at a maximum of one third of local average income.

It would strengthen the powers to deal with poor landlords who don’t meet housing standards or social responsibilities, making them subject to annual vetting and being struck off if they fail to comply.

Labour

In London, Sadiq Khan has pledged to build 10,000 more council homes, as well as to explore a possible new fund to help local authorities buy back homes sold under the Right to Buy. He has also called for. In Manchester, Andy Burnham announced a £1.5m ‘good landlords scheme’ aimed at driving up standards in the private rented sector, and a long-term homelessness prevention strategy.

Labour wants to scrap Right to Rent, to introduce nationwide landlord licensing and ban discrimination against housing benefit tenants. It has pushed for the abolition of Section 21. It would also give councils new powers to regulate short-term lets through companies such as Airbnb.

SNP

The SNP has promised to deliver 100,000 affordable homes over the next decade, tackle high rents and increase stability for those in the private rented sector and to give local authorities the tools they need to improve access to housing in their local areas.

to improve accessibility, affordability and standards across the whole rented sector, publishing a new Rented Sector Strategy, informed by tenants, and would bring forward a new Housing Bill to strengthen tenants’ rights and improve the housing rights of people experiencing domestic abuse. A new Housing Standard would cover all new and existing homes.

©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - REVEALED: What are the UK political parties’ key private rented sector policies? | LandlordZONE.

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YOUR forum questions answered: Why is my flood insurance going up?

The hugely popular LandlordZONE forum is a friendly community where landlords share their experiences, exchange tips and ©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - YOUR forum questions answered: Why is my flood insurance going up? | LandlordZONE.

YOUR forum questions answered: Why is my flood insurance going up?

The hugely popular LandlordZONE forum is a friendly community where landlords share their experiences, exchange tips and ask for advice. Here we answer a recent question and ask the experts at Hamilton Fraser to give their best answer.

The issue:

A landlord’s insurance company has decided that their property’s flood risk has increased, despite it being in an area with a low probability of flooding. They want to know why their premium and excess on any flooding claim have gone up.

The answer:

Steve Barnes (pictured), Associate Director at LandlordZONE insurance partner, Hamilton Fraser Total Landlord Insurance, offers an explanation.

“Although it’s not possible to comment on this particular case without knowing the specific details of the property, there are a number of reasons why this landlord’s premium and excess may have increased, despite no apparent change in flood risk,” he says.

Flood data

“Insurance companies rely on a range of data to inform their long-term risk management, including climate change analytics to assess future flood risk, and flood mapping.

“Lots of insurers will be working off the same data and therefore it’s likely that they will make comparable decisions when it comes to assessing the flood risk of a property. However, with forward planning and a clear checklist of what you’re looking for, you should still be able to find protective, competitive cover that meets all your insurance needs as a landlord.

More storms

“Flooding has always been a substantial risk for certain parts of the UK, and it can happen anywhere, not just in riverside locations. For example, torrential rain, burst water mains and backed-up sewers can result in surface water that can flood properties and make them completely uninhabitable. But an influx of named storms in recent times has further impacted insurers’ risk appetite and ultimately the cover they are willing to provide.

“Last year saw 10 named storms, doubling the 2019 figure of five. At Hamilton Fraser Total Landlord Insurance, we experienced a 95 per cent increase in storm claims compared to the previous year. In one recent case, we paid out £143,755 for a claim where a major flood caused by Storm Desmond had caused extensive damage to a property.

“In 2020, storms Dennis and Ciara alone resulted in an estimated cost of over £500 million to insurers. This dramatic rise in claims is one of the primary reasons landlord insurance providers are increasing their premiums.

With extreme weather events increasing steadily over recent years, it’s vital for landlords to not only do as much as possible to prevent flooding in the first place, but to ensure they’re properly covered too.

“Hamilton Fraser Total Landlord Insurance is signed up to the Flood Re scheme, which will cover buy to let properties as long as they meet the criteria outlined here. The scheme raises funds to cover flood risks in insurance policies and reimburses the insurer after a paid claim is made, helping to keep premiums down.

Hardening market

“Another reason why this landlord’s premium and excess have increased could be to do with the fact that the insurance market is currently hardening. After several years of a ‘soft’ market with competitive premiums, relaxed criteria and wider cover, premiums and excesses are now going up. In a hardening market, it’s particularly important to make sure you’re fully protected.

“In our recent article, , we provide a more detailed explanation of what landlords can do to avoid hefty pay-outs in a hardening market.

“For example, you can sometimes reduce your premiums by increasing your excess, without affecting your level of cover – an option which might make sense if you rarely make a claim. Or, if the excess is already very high, as in this case, you might be able to shop around for a more competitive provider.

“However, while a soft market offers landlords a wide range of choice, in a hardening market, insurance options are fewer as some insurers mitigate their risks by pulling out of the market altogether, leaving fewer quote options.

“It’s important to emphasise that, in the current climate of a hardening market, landlords should be careful not to leave insurance renewals to the last minute, as you may find your provider is no longer offering a policy which is good value for money and suits your needs.”

Listen in

You can listen to Steve Barnes discussing the causes of the current hardening insurance market, what landlords can do to mitigate any problems with their portfolio and how to get the best value for money, in the latest episode of Hamilton Fraser’s Property Podcast, .

To ensure you get insurance which adequately covers you for all eventualities, follow the Hamilton Fraser Total Landlord Insurance checklist, which you can find at the end of our article on the hardening insurance market.

As a valued LandlordZONE reader you’re entitled to 20% off Hamilton Fraser Total Landlord Insurance’s policies, call the team today on 0800 63 43 880 quoting code LZ2021 or get a quote online in under 4 minutes. 

Hamilton Fraser supports landlords, letting agents and tenants by offering a range of solutions and  to help them navigate the private rented sector. Most recognised in the private rented sector for providing award winning landlord insurance, the Hamilton Fraser family includes , mydeposits, the , Ome, HF Assist and Total Landlord Mortgages.

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©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - YOUR forum questions answered: Why is my flood insurance going up? | LandlordZONE.

Source : Landlord Zone More   

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