Landlord News

Amount of Landlord MPs Rises by a Quarter Since Last Parliament

Rose - January 15, 2016

The amount of MPs renting out private homes has risen by a quarter since the last parliament, with David Cameron and George Osborne both acting as landlords.

Around a third of MPs now rent out homes, with 196 declaring rental income on the official register of interests this year. Most of these earn over £10,000 per year from the property, supplementing their basic MP’s annual salary of £67,060.

Amount of Landlord MPs Rises by a Quarter Since Last Parliament

Amount of Landlord MPs Rises by a Quarter Since Last Parliament

The Conservative Party has the highest number of landlord MPs, at 128. This means that 39% of Conservative MPs are landlords, compared to 26% of Scottish National Party (SNP) MPs and 22% of Labour MPs.

The figures show that a much higher proportion of MPs are landlords than the general adult population, of which only 2% are private landlords.

Since winning the election in May, David Cameron has celebrated the importance of homeownership by proposing an extension of the Right to Buy scheme to housing association tenants and enforcing various schemes designed to help generation rent.

Additionally, Chancellor George Osborne has implemented many measures to control the buy-to-let boom, such as the additional 3% Stamp Duty for private landlords and second home buyers, and reducing mortgage interest tax relief for buy-to-let investors.

However, both MPs are landlords themselves. The Prime Minister’s rental property is alleged to be a four-bedroom house in Notting Hill that he purchased in 2005 for more than £1m. It is thought that the home has since doubled in value. Osborne has rented out a London property since 2011.

Other Conservative landlords include the Housing Minister, Brandon Lewis, who rents out a house in Essex that brings in over £10,000 per year.

The Housing and Planning Bill, currently on its way to the House of Lords, has been criticised by Jeremy Corbyn, the Labour Party leader, who opposes the extension of Right to Buy and the failure to address the shortage of housing.

Although the PM and Chancellor have supported schemes such as Help to Buy and Starter Homes, they have been accused of failing to protect social housing, abolishing the requirement for house builders to develop affordable housing, and not building enough new homes.

The Conservatives have faced further criticism this week after the majority rejected a Labour amendment to the Housing and Planning Bill, which would have ensured all rental homes are fit for human habitation. Read more: /conservatives-reject-move-to-ensure-rental-homes-are-safe/

As well as renting out private homes, 18 MPs have a shareholding, interest or directorship in at least one property firm.

David Tredinnick is the director of Malden Mitcham Properties and declared £22,311.52 of income from his 12 hours’ work for the firm each month.

James Cartlidge is the founder and former co-director of Share to Buy, a shared ownership company. He maintains shareholdings.