With the General Election under a week away, we’ve taken a look at what the main parties have stated when it comes to those renting.

Increasing number of tenants

About 35% of homes in the UK are rented - this has doubled since the early 2000s. Historically those who live in social housing have tended to be “working class” and with a bias towards having an “ethnic minority” background. Votes from this group have tended to go towards the Labour Party. This may not be the case come next week given the rise in Independent candidates against a backdrop of general disillusionment with the major parties.

What has also changed is the proportion of people who have voted Labour that live in privately rented homes.

Shift towards Labour in the Private Rental Sector (PRS)

An article on the BBC website shows how those in the PRS have changed their voting patterns over time:

In 2010 Labour and Conservative both got 26% of the vote from those living in the PRS - by 2015, Labour held a 15% point advantage.

Since then the division in voting patterns has deepened, influenced by age differences over Brexit and immigration. Younger voters, especially private renters, were increasingly favouring Labour but this may not necessarily play out next week.

What are the main parties offering renters?

The Conservatives were focused on the Renters (Reform) Bill (RRB) whilst in power but when this passed through Parliament earlier this year many of the expected reforms, such as Section 21 remained in place - Section 21 is the process by which landlords serve notice on tenants when they wish to take a property back. When this notice is served, tenants have two months to leave the property.

Conservatives: Committed to reinstating the RRB if re-elected, but Section 21 won't be abolished until the court system is reformed, delaying implementation.

Labour: Proposes a Renters' Charter including banning Section 21 evictions, ending automatic eviction for rent arrears, extending notice periods, allowing pets, and enabling property alterations. They also plan to increase social housing supply and introduce a National Landlords Register.

Liberal Democrats: Focus on housing access, local authority landlord licensing, scrapping no-fault evictions, and improving new home standards.

Green Party: The Greens also back the ending of no-fault evictions and say they want the introduction of long term leases.

Whether these manifestos play out and actually happen is something which remains to be seen.

How important is the issue of housing to renters?

As more and more people are renting and the average age of the first time buyer has increased over time, it’s important to understand tenants are not one “type” of group. Tenants are now more likely to be families than ever before, and with the average age of the first time buyer higher in the last two years than at any time in the previous 20, tenants are also likely to be older than before too.

Housing is a top concern for those aged 18-34, according to the IPSOS Issue Tracker, but is less important for older groups. Therefore for many, whilst housing is an important issue, other factors such as the cost of living, child benefits and the likelihood of tax changes (higher or lower) are more important.

What about Landlords?

Landlords throughout the UK have faced higher costs, not just those with mortgages. They have also faced an increase in administration with more landlord licensing schemes being introduced - these also come with licensing costs for the landlord.

According to an April 2024 report from Rightmove:

- Nearly 50,000 rental properties are needed to bring the supply of rental homes back to pre-pandemic levels.

- The number of available rental properties is 11% higher than last year, but 26% below 2019.

- The number of people looking for a rental home is 17% lower than last year, but 54% above 2019.

- The average number of enquiries each home is getting is now 13, down from 19 at this time last year, but still nearly triple the 5 in March 2019.

The housing market needs landlords. With landlords selling up and leaving over 2,000 households a month facing homelessness the main parties also need to consider what impact their planned reforms might have on the availability of rental properties.

Summary

A lot has been promised to tenants in the last few years, but little has been delivered. The uncertainty of what will happen next is not only impacting tenants but also landlords.

We wait with baited breath for the outcome of the General Election 2024, and the impact it will have on the rental market in the UK.

Remember, CreditLadder can help you improve your credit score.

CreditLadder can improve your credit position by reporting your rent payments. CreditLadder is the first way to improve your credit score and position across all three of the main Credit Reference Agencies in the UK, namely Experian, Equifax and TransUnion. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money. CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the content provided in this article is for information purposes only and should not be considered as advice.