The professional body for lettings agents warning is in response to renewed calls by the Mayor of London Sadiq Khan to be given the power to introduce rent controls, and similar moves that are being made in Bristol and Wales.
Propertymark has highlighted that any short-term benefits for tenants would be dramatically outweighed by long-term consequences for the sector.
Timothy Douglas, Head of Policy and Campaigns, comments: “Rent controls are not the antidote for rising rent levels and will backfire, drive down standards and reduce the number of properties available to rent. Ultimately, this will mean even less choice and increased costs for tenants in the long term.
Propertymark’s latest data collected from letting agents showed that agents registered on average 118 new prospective tenants in January, a 140 per cent increase from December’s figure of 49, in contrast, their data also showed agents only took on an average of 6 new properties in January.
“Politicians are failing to recognise the increased legislative requirements that landlords face, along with the array of tax changes that have placed additional financial burdens on landlords. This is in addition to the challenges that many landlords and agents have faced due to the Covid-19 pandemic.
“If our elected representatives are serious about supporting renters, then more must be done to increase supply and build housing across all tenures as well as supporting those agents and landlords who provide much-needed homes for their residents.”
