New figures: The MPs making money as landlords as Renters Reform returns to Parliament

New analysis of MPs’ financial interests shows at least 93 Members of Parliament made money as landlords in England over the last year, as concern grows that the long-delayed Renters Reform Bill has been ‘watered down’.

As anger grows at the Government’s failure to include a definite end-date to Section 21 ‘no-fault’ eviction in the Bill , updated analysis of MPs’ financial interests by 38 Degrees shows that one in five Conservative Members of Parliament made money as landlords in England over the last year.

This month, our polling revealed just 13% voters believe the Conservative Party is most likely to act in the interests of renters, over landlords, while 70% said landlord MPs should not be allowed to vote on laws that would benefit them as landlords. Meanwhile, the public is continuing to demand action to protect renters, with more than 44,000 people signing our petition calling on all politicians to sign up to a ‘pledge for renters’ guaranteeing all tenants are given the rights they deserve.

The new analysis shows a total of 72 Conservative MPs – 20% of the party – declared rental income over £10,000 from English residential properties in the 12 months to April 15.

Landlords in the cabinet include Chancellor Jeremy Hunt – who owns seven rented apartments in Southampton – as well as Education Secretary Gillian Keegan and Justice Secretary Alex Chalk.

The Labour Party had 18 English landlord MPs and the Liberal Democrats two. In the Shadow Cabinet, Emily Thornberry, David Lammy and Lucy Powell have declared English rental income.

In total, 173 MPs had declared a property portfolio worth £100,000 or more in the Register of Members’ Financial Interests as at April 15, 2024. This total includes commercial properties, as well as properties outside England which, if rented, would not fall under the Renters Reform Bill. (MPs do not have to declare properties used wholly for their own residential use).

The true figure of MPs who are also landlords may be higher, as MPs only have to declare rental income of more than £10,000 per year. A further 30 MPs owned declarable residential property worth more than £100,000 in England but with no declarable rental income – it is possible that some of these properties may bring in rent of less than £10,000 per year.

Matthew McGregor, CEO at 38 Degrees, said: “After five years of delay, this Government is preparing to break the promise it made to renters. Without a definite end-date to Section 21, this watered-down Bill is nothing short of a failure. It leaves families living under the constant threat of no-fault eviction, and betrays voters and tenants.

“When at least one in five Conservative MPs are themselves landlords, it’s easy to see why the public fears our lawmakers aren’t putting renters’ interests first. All MPs, but especially those whose tenants, as well as their constituents, are counting on them, must step up to give renters the rights they deserve and ensure everyone has access to a safe, secure home.”

The full data can be viewed here.

METHODOLOGY:

We searched the Register of Members Interests for all MPs who listed an interest in “land and property portfolio” – category 6 of the House registration requirements. Entries were analysed based on location, type and number of properties declared. 
Where property was explicitly listed as farming or business premises (including shops, dental practices, etc.) it was excluded from calculations of the number of residential rental properties. Properties explicitly described as solely holiday rentals were also excluded. 
For consistency, we have considered in this analysis any properties that were owned by MPs within the last calendar year (15th April 2023-2024) – including any that were sold within that time frame. Whilst MPs are required to declare any interests received for 12 months after they expire, some MPs have included in the register properties sold more than 12 months ago. In the interests of fairness, we have not counted these properties in this analysis. 
Several MPs list properties of which they are part-owners, or where the rental income received is passed to a spouse or dependent child. These entries have been counted in the same way, since these MPs or their households still receive some income from residential rental properties. 
(Please note: data is based on the Register of Members’ Financial Interests as at April 15, 2024. The initial search was performed on data in the Register of Members’ Financial Interests as at March 18, 2024 – some of the descriptive conventions have changed between these two entries and we follow the language used in the March 18 entry, however, the details of the declaration are in line with those in the April 15 entry). 

ENDS
For more information, contact Hannah Graham, hannah.g@38degrees.org.uk