Almost a quarter of London tenants have had to move their rental property five or more times in five years, according to a tax consultancy.
In a statement, Cornerstone presents a wide range of statistics based on what it calls “proprietary data,” but does not indicate the source of the data or the number of tenants on which the results are apparently based. It has not been.
Cornerstone also found that 25% of London renters said they had missed out on a property they wanted to rent in the past two years due to bidding wars, and 37% of London landlords said they had sold due to rising rents. claims to be considering. to maintain their property;
The tax consultancy also found that 31 per cent of London landlords say managing tenants is their biggest mental health burden, while 30 per cent of London landlords have insufficient knowledge of the lettings sector. It also said its findings show that enough is enough and that it acknowledges it will lose thousands of people on leases. result.
A Cornerstone spokesperson said the results showed London’s rental market was no longer fit for purpose and “legislative reform is urgently needed”.
“The government must take immediate action and abolish no-fault evictions as soon as possible. For too long, a small number of unscrupulous landlords have sought to exploit loopholes like this at the expense of their tenants. The rental market must work for tenants and landlords,” as well as address current issues of lack of supply and rising costs.
“This legislation should therefore be accompanied by a number of fair and balanced improvements to the wider system that will ensure that becoming a landlord in the UK remains an attractive proposition. , which could include streamlining eviction proceedings for landlords who have to deal with truly vexing issues of “tenants.” ”
– Randlord Today contacted Cornerstone on Monday for details on the scope of the investigation and its findings, but did not receive a response.
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