Property bosses write to Gove demanding urgent rental sector reforms
A group of senior property industry figures have written to Michael Gove demanding a huge increase in housing supply to solve the crisis in the private rental sector.
The open letter to the Secretary of State for Levelling Up, Housing and Communities is signed by bosses such as William Reeve, chief executive of lettings platform Goodlord and Theresa Wallace, head of customer relations at Savills.
It says Government policies are driving up the costs of being a landlord while drastically reducing the returns through tax changes. As a result “we see net negative repercussions on rental supply, with many landlords leaving the sector; property portal data shows that supply is down 46% compared with the five year average.”
The letter continues: “By failing to encourage adequate supply, government policy is directly contributing to the sharp increases in rental prices.”
It comes at a time when London private renters - who make up about a quarter of all households in the capital - face spiralling rents and a desperate shortage of high quality affordable properties.
The letter urges the government “instead to consider ways to improve supply - while continuing its aspirations to ensure quality homes for tenants - by ensuring the rental sector remains an attractive place to invest without relying on skyrocketing — and ultimately inflationary — rents.”
The signatories are: William Reeve, CEO, Goodlord; Peter Knight, Founder, Property Academy; Gary Wright, Co-CEO, flatfair; Theresa Wallace, head of customer relations Savills; Heidi Shackell, CEO, The Lettings Hub; Ben Grech, CEO, Reposit; Eric Walker, Managing Director, Martin & Co; Chris Hutchinson,CEO, Canopy; and Kristjan Byfield, Co-Founder, The Depositary.
