The Prime Minister and Chancellor have become landlords
The Prime Minister Keir Starmer and Chancellor Rachel Reeves have both become landlords, despite the Labour government's Renters' Rights Bill, which aims to make life more difficult for landlords.
Both Sir Kier and Ms Reeves are renting out their family homes after moving – rent-free - into Downing Street.
That’s despite Ms Reeves’ recent Budget leading to criticism from some landlords and second homeowners that she will hammer the 'final nail in the coffin' for the buy to let sector.
Property investors have also argued that her financial policies will drive out decent landlords and result in higher rents for tenants.
Letting out his north London home
News of Sir Kier’s status as a landlord emerged after new ministerial declarations revealed that he is letting out his north London home following Labour's election victory.
The declarations state the Prime Minister is now the 'owner of [a] let family home'.
Sir Kier previously lived in Kentish Town, north London, in a house with his wife and two children they bought for £650,000 in 2004.
It's now worth around £2 million and similar homes in the area are rented for between £3,000 and £5,000 a month.
Chancellor earns £74,000 in rent
Meanwhile, Ms Reeves and her husband are earning £74,000 a year in rental income, the Telegraph reveals.
The Chancellor, who increased stamp duty costs for second home buyers and landlords, is thought to be receiving rent from two properties totalling more than £6,000 a month.
Conservative MP Ben Obese-Jecty criticised Ms Reeves and told the Telegraph: "Having just announced a deeply unpopular Budget that has caused mortgages to rise, how does the Chancellor justify the £74,000 rental income of her and her husband's London properties whilst living rent-free in Downing Street as their mortgages are paid for?
"It's no wonder she abstained from the most recent vote on the Renters' Rights Bill."
Landlords are not 'working people'
Labour had promised not to increase taxes for 'working people' during the election campaign and, ahead of the Budget, Sir Kier suggested that landlords were not considered 'working people' in his view.
Ms Reeves earns around £160,000 for her roles as Chancellor and an MP, with her household income, combined with her husband's salary, exceeding £400,000.
Ms Reeves told GB News earlier this year that checking her bank statement caused her to 'wince' because the cash coming in was 'increasingly short of the money going out'.
The Chancellor bought her family home with a mortgage in 2012 with her husband for £599,950.
The detached property, has four bedrooms and two bathrooms.
Since purchasing it, the property has risen in value by £349,000 and is now worth nearly £950,000.
Ms Reeves declared the rental income from her old home on September 27, after becoming a landlord on September 9.
A Labour Party spokesman said: "The rental incomes have been declared in the usual way in accordance with the rules."
In addition to their Downing Street homes, Sir Keir and Ms Reeves also use grace-and-favour country properties in Chequers and Dorneywood, Buckinghamshire.
Making life more difficult for landlords
Simon Thompson, the managing director of Accommodation for Students, said: "Despite the Renters' Rights Bill making life more difficult for landlords, especially student landlords, we have two new landlords in our ranks.
"The Prime Minister and Chancellor might find out that there's more to being a landlord than just collecting rent.
"I hope the tenancies go well and they don't struggle with nonpayment of rent or a slow eviction process if they need that avenue."
He added: "We can only hope that their insight into being a landlord can be used to improve the Renters' Rights Bill, but I'm not holding out much hope."
