Speaking at the Easter recess adjournment debate this week, MPs discussed ideas to enforce tighter regulations within the private rental sector.
Pro-rent control MP, Jeremy Corbyn (Labour) called for more stringent rules for the sector. Corbyn said, “We need regulation of the letting agencies, registration and regulation of all private rented accommodation and, in my view, rent controls.”
However, Parliamentary Under-Secretary of State for Communities and Local Government, Nick Boles, ridiculed Corbyn’s demands for the re-introduction of rent control, claiming, “The last time that we had rent control, there was a collapse in the private rented sector because investors were unwilling to invest in it.”
Representing the Conservative party, Boles went on to pledge that they were “investing in the private rented sector through a generous scheme of guarantees that has been over-subscribed and to which the Chancellor committed more money in his Budget last week.”
Yet with the Government providing £1 billion for institutional investment in the private rental sector, concerns have been raised by the RLA that this funding will be specifically for larger projects of 100-or-more units; and as a consequence, it neglects 60 per cent of landlords who own less than five properties.
As a result, the RLA has devised a Manifesto for Growth which aims to support and represent the majority of landlords.