In a revealing survey conducted jointly by the National Residential Landlords Association (NRLA) and PropTech company Goodlord, nearly half of landlords expressed uncertainty about their voting intentions in the upcoming General Election. The survey, which included responses from approximately 1,000 property professionals, highlighted significant indecision among both landlords and letting agents.
According to the data, 45% of landlords and 39% of letting agents have already decided on their vote. However, 27% of landlords and 19% of letting agents remain open to persuasion, while 19% of landlords and 26% of letting agents are still undecided.
Policy positions of political parties are expected to play a crucial role in swaying these undecided votes. A striking 81% of landlords and 70% of letting agents indicated that specific party policies would influence their decision. This underscores the importance for political parties to address industry concerns if they hope to secure support from the private rented sector.
Among landlords, 73% emphasized that party policies directly affecting the Private Rented Sector (PRS) would impact their vote, with only 6% stating these policies would not influence them. Key policy areas identified by letting agents include reinstating tax relief for landlords under section 24 (24%) and retaining Section 21, which is slated for abolition under the Renters Reform Bill (22%).
Despite the focus on PRS policies, other issues take precedence for property professionals. For letting agents, the top concern is the cost of living crisis, with over half (51%) prioritizing it. In contrast, only 17% of landlords consider it their primary concern. For landlords, the most critical issue is the general economic competence of the government, with 43% citing it as their top priority, compared to 21% of agents.
Both groups also identified policies relating to the NHS and taxation as significant priorities, ranking these as their second and third most important issues, respectively.
NRLA Chief Executive Ben Beadle commented on the findings, stating, “With British politics in a state of flux in the run-up to the General Election, these findings reveal how both parties, with the right approach, can win landlord support for policies which will help build a stronger private rented sector. We urge the Government to continue to engage with key stakeholders across the sector to ensure the legitimate concerns of both groups are taken into account.”
Goodlord Chief Executive William Reeve added, “With an election just around the corner, it’s interesting to see how many property professionals are still ‘up for grabs’ politically. And while neither landlords nor estate agents have the most favourable media image, there are around 3 million of them in the UK. It’s a constituency no politician should ignore. This report shows that, in addition to the critical issues of the day around the economy, cost of living, and NHS, property professionals are paying keen attention to the party positions on the Private Rental Sector.”
As the election approaches, the significant undecided contingent within the property sector represents a substantial opportunity for political parties to influence key votes by addressing their specific policy concerns.