A recent London Assembly-commissioned report predictably suggests that London landlords are unsupportive of rent controls, and that many would exit the private rental market altogether if they were ordered to cap or cut their rents.
The survey of 174 landlords was carried out by the Cambridge Centre for Housing and Planning Research, and considered six proposals for the cutting, capping or freezing of rents in the private sector. According to the study, most of the capital’s rented properties are currently let out on the basis of a six or 12-month shorthold tenancy, an arrangement that has been criticised for the little security that it gives to tenant families.
More than half of the polled landlords did say that they would consider offering three-year tenancies if they were provided with appropriate tax incentives – although some warned that they would be wary of offering long-term tenancies to such “risky” groups as families or housing benefit claimants.
Three quarters of the landlord respondents admitted that being forced to slash their rents by a third would prompt the sale of some of all of their properties – with many complaining that there would be no incentive for them to invest in maintenance if attempts were made by the government to stabilise rents.
However, with the period between 2013 and 2014 having seen an 11.9% jump in the cost of a new tenancy in London, it’s clear that the price of rents in the capital is a hot-button issue that will not go away any time soon – causing concern for all parties that might need to enquire about an Inventory Clerk in in central London.
Nonetheless, the report concluded that “With the right safeguards in place, it would seem likely that longer tenancies could become more normal in the UK without causing any negative impacts on housing supply.”
Such times of uncertainty if you are a buy-to-let landlord in the capital are only making it all the more crucial to do everything possible to ensure longer-term peace of mind – and the right rental inventory in central London from a reputable organisation like Yellow Oak Inventories LTD can certainly help in that regard.
Our own inventory service includes detailed reports, digital colour photographs of every room and information on the level of cleanliness and any specific damage that may have occurred. We can even give you a fast report turnaround – so if you require the reassurance that the complete impartial rental inventory in central London can bring, look no further than Yellow Oak Inventories LTD.