London Assembly calls for private rental sector reform

The Millenium Bridge at dawn

The London Assembly has released a report calling for reform of the private rented sector in London which will include stabilisation of rapidly rising rents, registration of private landlords, longer tenancies for homeless households placed in the private rental sector, higher-quality housing and stricter penalties for landlords in breach of regulations.

10 of the elected watchdog’s 25 members were part of the Housing and Regeneration Committee, which committed to a ‘major review’ of London’s private rental sector last year. Their remit was to identify ways of increasing the supply of rented homes, and to examine the rights and responsibilities of landlords and tenants, security of tenure, and the quality and affordability of rental properties in the capital.

Chaired by Labour’s Len Duvall, the Committee released the report – entitled Rent Reforms – Making the Private Rented Sector Fit for Purpose – on 9 June.

The release preceded news that officials in Liverpool are considering a compulsory registration scheme for Landlords following an investigation into private housing in the UK’s sixth largest city, which showed that nearly half of the 48,000 privately rented homes did not meet decent housing standards. (Source: Liverpool ECHO).

Appetite for more stringent regulation of the sector appears to be growing as quickly as the buy to let market itself, with rising rents and increasing reports of deteriorating conditions – particularly in urban areas – prompting calls from industry bodies and members of parliament to clamp down on rogue landlords. We urge all landlords to remain abreast of property law in order to avoid falling foul of any future changes in regulation.

This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.