London welcomes new mayor, but Khan needs to be an ally to private rental sector
- 31st May 2016
- Landlord Property News
Mayor Khan must recognise the important part landlords play in ‘the capital of renting’
Welcome to London’s new Mayor, Sadiq Khan. He has a tough job on his hands and some of the sentiments he has expressed in his early statements are reasonably encouraging.
Housing is the number one issue as far as Londoners are concerned and let us hope the Mayor will recognise that he needs to work with the private rental sector rather than against it if he is to have any chance of solving the housing question.
Private landlords provide housing for 2,500,000 Londoners and account for 30% of all the capital’s residential accommodation. Sadiq Khan must recognise the importance of the renting sector, particularly in London, and encourage its further growth and success.
A flood of Private landlord sales is highly unlikely given how robust the buy-to-let market is.
The Mayor has said that he wants to work with business. And for many both commercial developers and private individuals investing in property is a business, and landlords should be encouraged to take up new investment opportunities, rather than discouraged from the business altogether.
Such a move will increase the supply of rented accommodation, which is crucial to London’s labour mobility and to its ability to attract ambitious young people from across the UK and internationally. Without this London’s economy will cease to flourish in the way it has over the last few years.
Stephen Ludlow, chairman at ludlowthompson, says: “Very early on, Mayor Khan found that the pipeline of new housing was not of the size he had initially thought.
“So rather than blame the previous regime it will be especially vital for him to work together with private landlords in what is a pivotal market for London and essential to maintain labour mobility.”
Private landlords provide housing for 2,500,000 Londoners and account for 30% of all the capital’s residential accommodation
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS