Can local mayors influence your next property purchase?
Friday 15 July 2016
They may wear chains, and you can find them at the opening of your local summer fete, but an elected mayor could actually influence where you buy a second home.
Only a handful of town across Britain have the figurehead role, but one of their responsibilities is to set strategic planning and housing delivery for their area.
Others include transport, policing, and support for businesses, and as a result, it can trigger the local economy which can influence house prices.
Estate agents Your Move is now calling on those looking to join the buy-to-rent market or wishing to add to their portfolio to consider towns and areas with elected mayors, and find out what their manifestos are.
A spokesman for the online company said: "An elected mayor is responsible for the day-to-day running of local services and can be quite a powerful figure.
"They have a big influence on where things like new transport facilities might be created, as well as the general health of the local economy.
"All of these things will have a direct effect on property values and potential rents in your area."
Locally-elected mayors were introduced after the Government felt more decisions should and could be made at a local level.
With 17 elected mayors now dotted around England and Wales, there are plans to introduce another six by next year.
But while their everyday decisions can influence property prices, they also have the powers to introduce housing schemes and policies to directly affect the local housing market.
When Boris Johnson became the mayor of London, he introduced the London Rental Standard (LRS) - a scheme in which landlords could apply to join and achieve accreditation to be regarded as a 'good landlord'.
Those with the LRS badge could attract greater number of potential tenants.
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