London rental market “in dire need of reform” cla…

Almost a quarter of London tenants have had to move rental properties more than five times in five years, a tax consultancy claims.

Cornerstone gives a wide range of statistics in a statement, based on what it calls “exclusive data”.

Cornerstone also claims that 25 per cent of London renters say that they have lost out on a property they wanted to rent in the last two years due to a bidding war, while 37 per cent of London landlords are considering selling up due to rising costs in maintaining their property.

The tax consultancy also says its survey shows that 31 per cent of London landlords say their biggest mental health strain is managing their tenants, while 30 per cent of landlords in the capital admit having insufficient knowledge of the lettings sector and will have lost thousands as a result.

A Cornerstone spokesperson says the results show that London’s rental market is no longer fit for purpose “and in dire need of legislative reform.” 

“The government must take immediate action and abolish no fault evictions as soon as possible, for too long a small minority of rogue landlords have sought to exploit loopholes like this at the expense of their tenants. The capital’s rental market must work for tenants and landlords alike and address the current problems of undersupply and soaring costs.

“This legislation should therefore be accompanied by a host of fair and balanced improvements to the wider system, which ensure that becoming a landlord remains an attractive proposition in the UK. This could involve streamlining the eviction procedure for landlords that genuinely have to deal with troublesome tenants.”

Cornerstone says the survey was conducted in late 2023 across what it calls “a nationally representative sample, which comprised of 2,081 UK adults, including 700 landlords and 500 tenants.”

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