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Landlord News
Labour’s plans to cap rent increases, ban letting agent fees, and legislate for three-year tenancies has been rejected by a majortity of 50 in a vote in the House of Commons. Shadow housing minister Emma Reynolds argued that the UK has “one of the most short-term, insecure and unstable private rented sectors in Europe,” describing the private rented sector as “not fit for purpose.”
Nick Boles, communities and local government minister, countered by describing Labour’s policy as “idiotic” because it would result in higher rents and undermine confidence in the sector, leading to less investment at a time when more investment is needed.
He insisted the government was already making progress in driving up industry standards by taking action against rogue landlords, forcing letting agents to be completely transparent with their fees, and developing a code of practice. He further argued that Labour’s policy had less to do with benefitting tenants than it was about beefing-up the Opposition leader’s image.
It was also pointed out that average tenancy lengths have increased by 6%, to an average of 21 months, without any Government intervention.
