Too many MPs are landlords, says leading international anti-corruption group

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An anti-corruption group has questioned how MPs and peers can objectively sort out the housing crisis when 27% of them own a second home.

Transparency International UK’s research found that 177 MPs own at least 312 residential properties they don’t live in, compared to just 9% of the rest of the English population.

Assuming a minimum value of £100,000 each, these 312 properties are worth at least £31 million.

Almost 40% (212 MPs and 321 Lords) had a registered interest in property with 113 MPs holding a total of 261 properties generating ‘significant’ annual rental income of £10,000 or more.

These interests ranged from owning a flat and renting it out to holding shares in a property finance company.

Conservative Lords and MPs had the most declared property interests with 43%, compared with 42% of Liberal Democrat parliamentarians and 23% of Labour Lords and MPs.

Conflicts of interest

The report says current rules don’t go far enough to address potential conflicts of interests.

It recommends placing tighter controls on parliamentarians’ second jobs, greater transparency over financial disclosures, and providing better training to ensure MPs and peers comply with the rules.

Transparency International UK believes that given Parliament scrutinises and votes on measures relating to a range of related matters, including Stamp Duty, planning rules, cladding fire-risk remediation and rights for renters, it’s reasonable to conclude there might be tensions between some parliamentarians’ public duties and their private interests.

The findings also beg the question why MPs are so hostile to landlords when so many of them hold rental properties.

Chief executive Daniel Bruce (pictured) says: “Collecting such details of MPs’ and peers’ financial interests is extremely time-consuming and highlights the need for greater transparency.

“Despite calls from the Commons Standards Committee and others to make these records more digitally accessible, there has been little progress to date.” 

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