Buy To Let investors must factor in Labour's stricter...

New buy to let investors are being advised to factor in the costs of stricter energy rules if Labour wins the General Election next week.

In recent days the party has stepped up its programme clamping down on what it calls “unscrupulous landlords strangling growth.”

Specifically this means ending bidding wars, capping upfront payments to secure properties, and requiring all landlords to make their properties EPC rating C or above by 2030.

Last autumn Prime Minister Rishi Sunak ditched EPC targets for the private rental sector, citing unreasonable costs for landlords.

Building on broad pledges contained in the Labour manifesto, the party now says private renters will be £250 a year better off under a Labour government after it forces landlords to improve the energy efficiency of rental homes.

Private landlords would no longer be able to auction rented homes to the highest bidder and requests for upfront rent will be capped, although it is not clear at what level.

This is in addition to existing commitments on Section 21 and other rental regulations.

Labour deputy leader Angela Rayner, also shadow housing secretary, says of her party’s latest pledge: “Time and time again, the Tories have failed to stand up for renters. From endless delays to no-fault evictions, to failure to sort damp, cold and mouldy homes, the Conservatives are failing working people.

“Labour will call time on a decade of Tory vested interest and put renters first. An affordable, secure private rented sector is vital for economic growth, allowing young people to save for a mortgage with more money in their pockets to spend in the day-to-day economy.

“Our plans will support good landlords but we are calling time on unscrupulous landlords strangling growth.

“Labour will take action to protect renters, with an immediate ban on no-fault evictions, an end to rental bidding wars and extended protections against damp, mould and cold.

“The only real way to make renting more affordable is to build more homes, that’s why we have a plan to build 1.5 million homes over five years as an antidote to Britain’s failing private rented sector.

“Renters will be better off with Labour.”