Sadiq Khan warns of rocketing rent costs for Londoners
Real estate giant Rightmove is calling on Rachel Reeves to give landlords new tax relief as an incentive to stay in the market, as London rents continue going through the roof.
The Chancellor is being warned that the cost of living crisis for people in the capital will hit breaking point unless she devises a new way of incentivising landlords, many of whom are selling up in the face of Labour’s rumoured capital gains hike.
DON'T MISS
Powered by
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Panic in Cornwall as tourists abandon seaside towns leaving holiday homes empty
264 Comments
Pensions warning ahead of Budget tax raid as you could land surprise HMRC 70% charge
Comments
Rachel Reeves torn to shreds over latest 'brain-dead' tax raid to fill '￡22bn black hole'
1423 Comments
Rachel Reeves is using 'bogus' ￡40bn blackhole to hike up taxes
41 Comments
Rachel Reeves' masterplan is in tatters - her next step could trigger financial meltdown
390 Comments
Labour is killing the economy and it hasn't even got started yet!
1321 Comments
Rachel Reeves slapped with warning huge capital gains tax hike would cost ￡2bn
171 Comments
Tax relief warning as pensioners could face 70 per cent charge in Labour raid
Comments
Worried Brits selling homes as panic rises over Rachel Reeves Budget tax raid
2 Comments
Rachel Reeves fires warning to richest as Labour Budget D-day nears
16 Comments
SPECIAL REPORT: 3 ways Labour will tax your pensions in Budget - and how to fight back now
298 Comments
Rachel Reeves warned by expert over 'disaster' plans to almost double one tax
80 Comments
Urgent ISA warning issued as people rush to protect savings before Rachel Reeves' Budget
6 Comments
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Panic in Cornwall as tourists abandon seaside towns leaving holiday homes empty
264 Comments
Pensions warning ahead of Budget tax raid as you could land surprise HMRC 70% charge
Comments
Rachel Reeves torn to shreds over latest 'brain-dead' tax raid to fill '￡22bn black hole'
1423 Comments
Rachel Reeves is using 'bogus' ￡40bn blackhole to hike up taxes
41 Comments
Rachel Reeves' masterplan is in tatters - her next step could trigger financial meltdown
390 Comments
Labour is killing the economy and it hasn't even got started yet!
1321 Comments
Rachel Reeves slapped with warning huge capital gains tax hike would cost ￡2bn
171 Comments
Tax relief warning as pensioners could face 70 per cent charge in Labour raid
Comments
Worried Brits selling homes as panic rises over Rachel Reeves Budget tax raid
2 Comments
Rachel Reeves fires warning to richest as Labour Budget D-day nears
16 Comments
SPECIAL REPORT: 3 ways Labour will tax your pensions in Budget - and how to fight back now
298 Comments
Rachel Reeves warned by expert over 'disaster' plans to almost double one tax
80 Comments
Urgent ISA warning issued as people rush to protect savings before Rachel Reeves' Budget
6 Comments
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Rightmove data has revealed that Londoners now face paying an eyewatering ￡2,694 a month on average, up 2.5 percent on last year and a new record high.
In the rest of the country, advertised rents are also a backbreaking ￡1,344 per month, but half that of the capital.
The rental crisis in the capital is largely down to there being 25 percent fewer rental properties on the market than five years ago.
READ MORE: Rachel Reeves planning up to ￡40bn of tax rises and spending cuts in Budget
Rachel Reeves has been warned she risks hiking rents further (Image: Getty)
Rightmove property expert Tim Bannister is now calling for tax relief for landlords, as an incentive to stay in the market.
Mr Bannister said: “We are seeing some landlords choosing to exit the market with potential tax changes and stricter EPC regulations as additional factors in landlords’ decision-making.”
“With rental supply under strain, incentivising landlords to invest in energy-efficient upgrades or offering tax relief could help maintain rental supply and, ultimately, ease affordability pressures for tenants.”
However Labour appears intent on doing the opposite, and potentially making the cost of renting much worse.
Alongside rumoured hikes to capital gains tax, which would clobber those selling second homes, Labour’s renters rights bill will significantly increase costs and red tape for landlords.
Don't miss...
Labour’s ‘nepo babies’ exposed as sons and daughters of party figures become MPs [LATEST]
Nigel Farage blasts Keir Starmer’s Elon Musk snub - as Labour launch new attack [LATEST]
Reeves slams 'jobs tax' hike in resurfaced clip as she now plans to do the same [LATEST]
London rent has hit a new record-breaking high (Image: Getty)
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Labour want to ban no-fault evictions, meaning it will become very difficult for Landlords to remove tenants at the end of their contract.
The NRLA, which represents 110,000 landlords, has said its members are discussing how to adjust rents to mitigate the risk posed by renters who, under the new laws, will be able to sign a tenancy agreement and pay for only two months before leaving their contract early.
They also warn it could turn parts of the private rental sector into “Airbnb Lite”.
Oxfordshire agent Pheasant Retreats have similarly warned that they’re seeing fewer rental properties come onto the market as a result of Labour’s new policies.
Trending
Lynda Woodcock warned: “The rental market has been incredibly busy, but that’s largely due to the ongoing shortage of available properties.”
“With so many landlords considering selling their properties ahead of new legislation, such as the proposed changes around EPC requirements and tax increases, we’re seeing fewer new instructions coming through.”
DON'T MISS
Powered by
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Panic in Cornwall as tourists abandon seaside towns leaving holiday homes empty
264 Comments
Pensions warning ahead of Budget tax raid as you could land surprise HMRC 70% charge
Comments
Rachel Reeves torn to shreds over latest 'brain-dead' tax raid to fill '￡22bn black hole'
1423 Comments
Rachel Reeves is using 'bogus' ￡40bn blackhole to hike up taxes
41 Comments
Rachel Reeves' masterplan is in tatters - her next step could trigger financial meltdown
390 Comments
Labour is killing the economy and it hasn't even got started yet!
1321 Comments
Rachel Reeves slapped with warning huge capital gains tax hike would cost ￡2bn
171 Comments
Tax relief warning as pensioners could face 70 per cent charge in Labour raid
Comments
Worried Brits selling homes as panic rises over Rachel Reeves Budget tax raid
2 Comments
Rachel Reeves fires warning to richest as Labour Budget D-day nears
16 Comments
SPECIAL REPORT: 3 ways Labour will tax your pensions in Budget - and how to fight back now
298 Comments
Rachel Reeves warned by expert over 'disaster' plans to almost double one tax
80 Comments
Urgent ISA warning issued as people rush to protect savings before Rachel Reeves' Budget
6 Comments
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Panic in Cornwall as tourists abandon seaside towns leaving holiday homes empty
264 Comments
Pensions warning ahead of Budget tax raid as you could land surprise HMRC 70% charge
Comments
Rachel Reeves torn to shreds over latest 'brain-dead' tax raid to fill '￡22bn black hole'
1423 Comments
Rachel Reeves is using 'bogus' ￡40bn blackhole to hike up taxes
41 Comments
Rachel Reeves' masterplan is in tatters - her next step could trigger financial meltdown
390 Comments
Labour is killing the economy and it hasn't even got started yet!
1321 Comments
Rachel Reeves slapped with warning huge capital gains tax hike would cost ￡2bn
171 Comments
Tax relief warning as pensioners could face 70 per cent charge in Labour raid
Comments
Worried Brits selling homes as panic rises over Rachel Reeves Budget tax raid
2 Comments
Rachel Reeves fires warning to richest as Labour Budget D-day nears
16 Comments
SPECIAL REPORT: 3 ways Labour will tax your pensions in Budget - and how to fight back now
298 Comments
Rachel Reeves warned by expert over 'disaster' plans to almost double one tax
80 Comments
Urgent ISA warning issued as people rush to protect savings before Rachel Reeves' Budget
6 Comments
Keir Starmer squirms as BBC reporter grills him over new tax hike threat
583 Comments
Rachel Reeves gives biggest hint yet on what she's plotting to fill UK '￡22bn black hole'
461 Comments
National Insurance tax raid warning as expert warns Rachel Reeves could close 'loophole'
15 Comments
Tax warning as Labour plans mean you could get ‘shock' HMRC bill
177 Comments
Rachel Reeves now plotting another cash grab by hiking up tax by almost 20%
692 Comments
Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
3 Comments
Rachel Reeves warned "jobs tax" will destroy business confidence
40 Comments
Letting agency trade body Propertymark, said: “Landlords have faced continuous financial and regulatory hurdles with many having to pass on certain costs by raising rents just to break even on their increasing expenditure.”
“As the Renters’ Rights Bill makes its way through Parliament there is a danger it may not actually benefit all tenants and it’s important that full impact assessments are conducted.
“The UK Government is right in pursuing reform within the sector to ensure higher standards; however, for this to work, there needs to be a balanced approach to protect both landlords and tenants equally.”