Labour’s right to buy idea for private tenants is ludicrous, says NLA
The National Landlords Association (NLA) has slammed the Labour Party’s suggestion that private tenants could be given the chance to buy their homes at a discounted rate from their landlords.
In an interview with the Financial Times, Shadow Chancellor John McDonnell said he hoped the policy would be a solution to the “burgeoning buy-to-let” market. The policy replicates the right to buy scheme that was introduced by the Thatcher Government, allowing social housing tenants to buy their homes at a fraction of the market price.
Under the Labour proposal, the Government would set the criteria for what is a reasonable price for the property, which would then become right to buy. Mr McDonnell said he didn’t “think it’s complicated.”
The NLA, however, believes the proposal is yet another demonstration of Labour’s misunderstanding of the housing market.
Chris Norris, Director of Policy and Practice at the NLA, says:
“To suggest that private landlords should be selling their properties to their tenants at a below market rate arbitrarily set by politicians is ludicrous. Landlords had to pay market rates themselves. It’s only right that, if and when they decide to sell it, they can do so at market rates.
“John McDonnell’s assertions that landlords are looking for a quick buck and don’t maintain their properties shows a serious lack of knowledge about how the vast majority of landlords run their businesses. These good landlords should not be punished for the sins of the few who fail in their obligations to provide tenants with a decent home.”