The number of properties available to rent in London is now 46 per cent below the national average according to ARLA Propertymark.
Its figures refer to the end of January - the latest data available - and suggest that because landlords are increasingly priced out of the capital, tenants are finding themselves against stiff competition for rental properties.
In January, letting agents in London were typically managing 99 properties, compared to a national average of 184. It was also the lowest region for supply in December, but it stood at 130 then, compared to a national average of 200.
“The rental market in London should be thriving – the capital is a hub for business and culture and attracts a huge influx of new residents every year. But the prospect of being a landlord is becoming less tenable, as potential buy to let investors are deterred by increased taxes and ever more complicated legislation – and higher property prices in London are making it becoming more and more difficult for landlords to make ends meet” explains David Cox, ARLA Propertymark’s chief executive.
“Government policies designed to help renters now seem to be having the opposite effect, as landlords are moving away from using professional agents. This puts tenants at risk of falling into the hands of rogue landlords, or novice ones who don’t have any experience in the sector.”
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Blindingly obvious that this would happen. So a government wanting to win over the usual labour voter can then stride forward with a solution ..... purpose built estates/tower blocks of homes designed for tenants and run by the district council or large investors .... a little bit like council houses really! That was the previous housing minister's aim all along when the anti landlord policies were started off..
Well done Gov.Uk !! Hoorah for higher stamp duty revenue and sod the people!!
Landlords trying to get away from using professional agents and are not completely aware of all they need to abide by then they are on a ticking time bomb for a fine, because tenants are becoming massively more aware of their rights. I’ve seen many landlords now selling their rental properties as soon as the tenancy comes to an end just because it’s too costly and complicated to continue as a private landlord, which is a shame because they are so vitally needed!
Agreed. Trouble is when all this was started off Gavin Barwell told me that his aim was to get rid of small private landlords as he felt that was the source of most rogue landlords. Probably true as far as that statement goes, but an excellent example of throwing out the baby with the bathwater. Hugely reducing 'rogue' landlord (and agent) behaviour should surely have been his aim instead? I only hope that the new housing minister decides on a change of tack .....
There also seems to be a strange connection between helping tenants and helping those tenants become property owners with the ‘Help To Buy’ scheme, the prices on these properties are massively inflated and after 2020 when the scheme ends that will lead to the prices suddenly dropping and those poor folks will be in negative equity and possibly back to renting again, but the point being the rental sector needs to be managed ever so delicately, especially as the UK is becoming a nation of renters like the rest of Europe...
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