Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.

Jeremy Corbyn the Islington North MP and Labour leadership hopeful is calling for a right to buy for private tenants.

One of the four Labour leadership candidates, Jeremy Corbyn is launching a consultation on a policy which he says is aimed at getting more people into secure homes. He thinks it is time to look to giving private sector tenants a ‘right to buy.’

Mr Jeremy Corbyn said:

“We know that Generation Rent faces an uphill struggle simply to get into long-term housing. We have seen some good ideas from Labour to establish more secure tenancies for renters. Now we need to go further and think of new ways to get more people into secure housing.

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“So why not go with Right to Buy, with the same discounts as offered by way of subsidised mortgage rates, but for private tenants and funded by withdrawing the £14 billion tax allowances currently given to Buy to Let landlords.

“I believe this idea could open up the possibility of real secure housing for many currently faced with insecurity and high rents. I will be consulting Labour members and the wider public about this proposal over the summer, as part of a package of housing policies to get people into the homes they desperately need.’

Were the policy to be introduced it would likely be the biggest incursion into the liberty of private landlords since the Rent Acts, which in the 50s, 60s and 70s gave private tenants lifetime security of tenure. Many of these tenancies, known as regulated tenancies, still exist today.

Jeremy Bernard Corbyn has been the Member of Parliament (MP) for Islington North since 1983. Before being elected to Parliament he was an elected councillor in the London Borough of Haringey from 1974 to 83.

He was also a full-time organiser for National Union of Public Employees and is member of the Socialist Campaign Group. He is considered one of the more left-wing of Labour MPs. He writes a weekly column in the Morning Star and is a long-time supporter of the Campaign for Nuclear Disarmament (CND).

Please Note: This Article is 4 years old. This increases the likelihood that some or all of it's content is now outdated.

9 COMMENTS

  1. Right-to-buy is fine, as long as we get market price. We\’ll just go and buy some more. Regarding landlord\’s mortgage interest, it is a business cost, and removing it is like, say, disallowing the cost of goods for a retailer. Ridiculous, and a failure to understand how business works, and in event, it would kill the PRS stone-dead. And then Mr Corbyn\’s fans will find themselves living on the street.

  2. David,

    \”Ridiculous, and a failure to understand how business works, and in event, it would kill the PRS stone-dead. And then Mr Corbyn’s fans will find themselves living on the street.\”

    What a thoughtful comment, I think these people don\’t realise that, by withdrawing relief on mortgage interest most landlords on mortgages will simply sell up which will push up rents further or simply there won\’t be enough properties on the market.

    There is no landlord who will keep his property rented and pay Tax on income which he never earned i.e. he paid to Bank or Building Society. (Rent received but paid back to Bank in mortgage payment) Landlords are already taxed on their net profit which is only fair but to tax them on something which they never had will cause chaos.

  3. Typical Labour – Lets come out with some ridiculous statement that has absolutely no chance of working that may help us get votes. The Labour party really has fallen apart. If your last election campaign taught you anything it should be that we do not want taken back to the dark ages by a party that has no clue whatsoever about business, the economy or governing a successful country.

  4. How many private landlords are just ordinary folk who – because of the increase in retirement age (some women have to work another 7 years before receiving a state pension), no interest being earned on their savings, looking forward to a much reduced private pension (again, due to the crap politicians and bankers) and having worked hard all their lives are just trying very hard to secure a modest income stream (What else can you invest in?) so they can RETIRE before they actually die!!! – As someone from a working class background, who didn\’t have more than a secondary education, but who worked all their life and who does not charge high rents and does not have a buy to let mortgage, but does maintain their property. Why should someone else be able to take that away from me? – Basically if this madman gets his way I will be just another poor sap having to ask for assistance – SO HOW DOES THAT IMPROVE ANYTHING????

  5. Oh, and don\’t forget – No savings, deposits held in a bank etc can be CALLED SAFE if they are over £75k (From Jan 2016) – This has been downgraded from £85k because of the so called strong pound, but It won\’t be looked at again for a full 5 years, regardless what happens (to Greece, Italy, Spain…blah blah) – We\’re being duped again people. Don\’t suppose \’they\’ will be happy until they\’ve killed of all the SHEEP. Barter anyone??

  6. Last word – If I can\’t benefit from house prices rising (Due to buy to rent)- does that mean I should be compensated if I\’m forced to sell for less than the purchase price when prices FALL – plus all the maintenance costs during my time as a landlord?? – because -I\’m yet to make any money despite living in the south east.. As I stated before most ordinary folk are just trying to insure that they have SOME PENSION to RETIRE with.

  7. This from a guy who works in a job where he and his colleagues have become millionaires from taxpayer\’s money paying the interest on their London properties. No tax paid by him on that income. Some of colleagues have even rented out the properties they claimed interest for staying in. Plus repairs and improvements paid for tax free. And all running costs.
    Clean up your own act Corbyn.

  8. Subsidised mortgage discounts? Won\’t that distort the market price and push up house price? Effectively increasing size of aggregate mortgage available by amount of subsidy provided. If they want to move letters to owners and discourage landlords then why not actually discourage landlords!

  9. They really mean to put people back on the streets dont they. No matter which way you look at it Landlords are a business. We spend moeny on run down houses some almost slums and make them into pleasant livable place for people to rent. Just like a business we have to sell these properties to tenants (they are nit forced to accept slum accomodation) and hopefully ensure they stay for some time and look after the property. This is a two way street. Have any of these wassacks ever been a landlord. I dont think so or they would not be makings such stupid suggestions. We have a lot of hard work before it goeas out to rent and then if we want to keep our tenant we look after them. We are entitled to put our costs against our income simply because if we dont spend the money we will not be able to sell our products as we will not get decent people through the door. No different to any business trying to sell something. We are easy pickings at the moment. They want more moeny for their own ridiculous expenses and journeys to Europe etc on facvt finding missions (I dont think) or more like expensive holidays going first class in top hotels. I will never vote Labour while idiots like Corbyn are in power. Hopefully the next leader to over when he is booted out will have their head screwed on and look beyond the money and see the advantages of private landlords.

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