Published On: Mon, Sep 2nd, 2019

John McDonnell targets private landlords with new ‘right to buy’ scheme for tenants | UK | News

The suggestion from the Shadow Chancellor is to apply Margaret Thatcher’s iconic right for council tenants to buy their homes to those who rent properties from millions of private landlords. He added that he hoped it would reverse the fall in affordable housing seen after Mrs Thatcher’s decision to allow council housing tenants to buy their homes. Speaking to the Financial Times, McDonnell said: “We’ve got a large number of landlords who are not maintaining these properties and are causing overcrowding and problems.”

Recent years have seen rising rents alongside falling home ownership.

Mr McDonnell added: ”In my street now a third of the houses are right-to-buy, badly maintained, overcrowded.

“It’s horrendous.

“You’d want to establish what is a reasonable price, you can establish that, and then that becomes the right to buy.

“The Government sets the criteria.

“I don’t think it’s complicated.”

Labour could give tenants who rent private homes the right to buy them at a cut-price rate, the Shadow Chancellor has revealed.

John McDonnell said he wished to “tackle the burgeoning buy-to-let market”

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“This manoeuvre is just the start.

“It would decimate the rental market in the UK.

“It would creat a shortage of properties available to rent.”

Labour leader Jeremy Corbyn raised the idea of introducing a tenants’ right to buy policy in 2015 during his first bid for the party leadership.

Mr McDonnell’s right to buy policy is not yet party policy.

A report commissioned by the party earlier this year also recommended caps on the amounts buy-to-let landlords could charge tenants.

Alongside the cap to the rent there would also be curbs on their ability to evict rents “on spurious grounds”.

A recent study has revealed that the chances of a young adult on a middle income owning a home in the UK have more than halved in the past two decades.

New research from the Institute for Fiscal Studies shows how an explosion in house prices above income growth has increasingly robbed the younger generation of the ability to buy their own home.

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