The UK’s leading professional body for property agents, Propertymark, has recently come out in opposition to the proposed extension of rent controls. This is a controversial issue that has been debated in the UK for some time, and Propertymark’s stance has caused a stir among both landlords and tenants.
Rent controls are regulations that limit the amount of rent that landlords can charge tenants. They are designed to protect tenants from exploitative practices, such as sudden rent hikes and poor living conditions. However, Propertymark believes that rent controls could have a detrimental effect on the rental market, leading to a decrease in the availability of rental properties.
Propertymark argues that rent controls could lead to a decrease in investment in rental properties, as landlords would be unable to make the returns they need to make their investments worthwhile. This could lead to a decrease in the number of rental properties available, making it harder for tenants to find suitable accommodation. Propertymark also believes that rent controls could lead to an increase in rent arrears, as tenants may be unable to afford the rents set by landlords.
Propertymark’s stance has been met with criticism from both landlords and tenants. Landlords argue that rent controls are necessary to protect tenants from exploitative practices, while tenants argue that rent controls are necessary to ensure that rents remain affordable.
Ultimately, it is up to the government to decide whether or not to extend rent controls. However, Propertymark’s opposition to the proposed extension of rent controls is likely to be influential in the government’s decision-making process. It is important that both landlords and tenants have their voices heard in this debate, so that the best outcome can be achieved for all parties involved.