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London mayer - rent controls

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Nothing on here so far about this? Or should this be limited to the Greater London thread. Anyway - thoughts? Perhaps ones opinion on whether caps or other form of control is a good idea aligns with ones opinion on the mayor in general

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Does the Mayor of London actually have the power to regulate private sector rents? I'd have thought that would require legislation by Parliament.

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9 hours ago, Dorkins said:

Does the Mayor of London actually have the power to regulate private sector rents? I'd have thought that would require legislation by Parliament.

Spot on, he doesn't.

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8 hours ago, chronyx said:

High rents are part and parcel of living in the best city in the world

High rents are the biggest part of cost of living, but removed from inflation figures.. interest rates should be 15% with rents at this extortionate level.. 

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Are rents high outside of zone 1 flats? I am currently renting in zone 6 romford a 2 bed flat and it’s cheap compared to the price of the flat.

I would much prefer price controls.

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11 hours ago, chronyx said:

High rents are part and parcel of living in the best city in the world

I would question that, high rents make it a not so good place to live in.......know people who have never paid rent who live in London, best city and one of the cheapest and safest city to live in for them.....only hope it does not become more expensive or less safe.😉

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4 hours ago, macca13 said:

High rents are the biggest part of cost of living, but removed from inflation figures.. interest rates should be 15% with rents at this extortionate level.. 

 

Low interest rates are part and parcel of living in the best country in the world.

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So rents keep going up, conditions down, poor security of tenure and protection for those who do not own, living like students with little hope for improvement......interest rates going down, cheap generous debt, high capital growth, tax relief, interest only, leveraging up to asset collect......definitely not exactly a level playing field, yes sold them off as well.

Anyway as more flats are being built will mean rents will fall, yields will fall and taxes are increasing.....nothing ever stays the same forever, right place right time, wrong place wrong time......time to look outside the box.;)

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1 hour ago, RomfordDon said:

Are rents high outside of zone 1 flats? I am currently renting in zone 6 romford a 2 bed flat and it’s cheap compared to the price of the flat.

I would much prefer price controls.

but it is the control of prices that is the problem.

In an honest tax free environment the scarcity of money would increase the price to borrow it.

High rents are a function of thin air credit 'money' creation (QE HTB FRB etc), designed to keep asset (house) prices high(er).

All underwritten, of course, by tax payers (present & future) who are threatened with violence if they fail to comply.

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5 hours ago, cnick said:

but it is the control of prices that is the problem.

In an honest tax free environment the scarcity of money would increase the price to borrow it.

I don't think anyone is proposing rent controls as alternative to increasing IR. They're proposing rent controls because the market is broken and there doesn't seem to be much political will to fix the fundamentals.

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1 hour ago, Sausage said:

Remove props (easy BTL mortgages,IO mortgages, HTB).

Sure, but which party is proposing to remove the props and let prices fall? None of them.

As crashbaby says, people are campaigning for rent controls because it seems like something a political party might actually do.

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On 25/01/2019 at 07:19, RomfordDon said:

Are rents high outside of zone 1 flats? I am currently renting in zone 6 romford a 2 bed flat and it’s cheap compared to the price of the flat.

I would much prefer price controls.

I've recently moved out of zone 2 London to Zone 6 Romford. For the price of a tiny bedsit in a house shared with 10 other people I've got my own 2 bed with 10x the space. Its les built up and all amenities are on my doorstep. Funny thing was my reason for staying so central was to avoid a long commute but Ive found it take me only 10 minutes longer than usual to get to Liverpool st. Add that to the money saved on rent and much higher quality of living I can't recommend anyone over 30 consider living in central London unless you can walk or cycle to work.

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