Property expert David Hollingworth has entered the political fray surrounding Angela Rayner's former council house, directly challenging TV presenter Kirstie Allsopp's controversial advice that the Labour deputy leader should have "sold it and bought another house."
The Head of Communications at leading mortgage broker L&C Mortgages warned that such a move could have been a significant financial mistake, despite the ongoing political scrutiny over Rayner's property affairs.
Why Selling Isn't Always the Smartest Move
Hollingworth argued that selling a property, particularly one obtained through right-to-buy, often means losing a valuable asset that could appreciate substantially over time. "Selling and buying another property would have meant incurring considerable costs," he explained, highlighting expenses like stamp duty, legal fees, and estate agent commissions that would have eroded Rayner's financial position.
The expert emphasised that holding onto property typically proves wiser than attempting to time the market. "Property should be for the long term, and if you've got a property that you're comfortable with and can afford, then actually staying put is no bad thing," Hollingworth advised.
The Right-to-Buy Factor
Rayner purchased her former council house in Stockport under the Conservative government's right-to-buy scheme, which allowed tenants to purchase their homes at a discount. Hollingworth noted this created an exceptional opportunity that wouldn't be available on the open market.
"The right-to-buy discount would have made it an even more compelling opportunity to hang on to the property," he stated, suggesting the discount itself represented immediate equity that would be foolish to surrender through a quick sale.
Political Storm Versus Financial Reality
The comments come amid intense political scrutiny of Rayner's past living arrangements and property decisions. While politicians debate the ethical dimensions, financial experts like Hollingworth bring a practical perspective to the discussion.
His analysis suggests that regardless of political pressure, holding onto the property likely represented the soundest financial decision—a position that contradicts Allsopp's widely publicised advice to sell immediately and reinvest elsewhere.
For many Britons who purchased under right-to-buy schemes, Hollingworth's advice reinforces what has often proven to be one of their most valuable financial decisions: holding onto property through market fluctuations rather than attempting to time sales and purchases.
