Rental crisis in London ‘deepens further’, landlords warn
Ben Beadle at the NRLA says the PRS housing supply problems in the Capital are getting even worse.
London’s rental crisis is getting even worse with the supply of homes drying up, landlord leaders warn.
The NRLA says that without action to tackle the issue, renters will see their housing choices eroded even further.
Mismatch
An analysis for London Councils and charity Trust for London revealed that properties are leaving the rental market at a much faster rate in the most affordable locations in the capital.
The mismatch between supply and demand in London’s rental market is driving up rents and reducing tenant choice, particularly for low-income renters.
And now the NRLA warns that the city’s housing crisis will not be solved without a significant boost to the supply of new, high quality private rented accommodation.
The NRLA is calling for:
- Tax reform to encourage the supply of new homes to rent that add to London’s overall housing stock. This could include scrapping the 5% stamp duty levy on homes to rent.
- A more efficient justice system. When Section 21 ‘no fault’ repossessions are abolished, responsible landlords need assurance that the courts will process, and enforce, legitimate possession cases swiftly.
- A financial package to support investment in energy efficiency upgrades as the Government considers new minimum energy efficiency standards for the PRS.
Private renters across London are facing the brunt of the housing crisis.”
Ben Beadle, CEO at the NRLA (main picture), says: “Private renters across London are facing the brunt of the housing crisis.
“The shortage of homes to rent is a one-way street toward higher rents and even less choice for tenants.”
