London Rents Jump By 20% As Mayor Khan Calls For Rent Controls

Residential rents in the capital soar by almost 20% as workers return to the city.  

 

London Mayor Khan wants the government to give him powers to impose a cap on rents, but is that the answer or will more regulation exacerbate the shortage of available rental properties?

 

Tens of thousands of landlords are quitting the market and estate agents Knight Frank estimated that 144,000 landlords have retired in the last year. 

 

See 85,000 UK Landlords have quit the rental market - https://youtu.be/NME3nEu8dAQ 

Furthermore, higher interest rates and mortgage restrictions have rendered many buy-to-let property deals unviable. 

 

Buy-to-let landlords have had to contend with higher taxes, and more red tape in the last few years, prompting many to look for alternative business opportunities. 

 

There are signs that the government may be getting the message.

 

According to as yet unsubstantiated rumours, the government may be pushing back its planned introduction of tighter EPC requirements. 

 

However, the abolition of Sec 21 no fault evictions looks like it is going ahead, despite the fact that there is no workable replacement.  

 

With a pending recession and higher interest rates, house prices have slumped by more than 4% from that peak, according to March's figures from the Nationwide Building Society.

Prices have fallen for five consecutive months as the Bank of England struggles to control inflation.

Does this mean there will be a 2008-style crash? Much depends on government moves to balance the economy, as no Prime Minister wants to face a general election during a property crash.

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