Recently the Mayor of London responded to a survey that Shelter had run, to try to solve the many housing problems in London, like astronomical rents, unaffordable mortgages and rogue landlords. One of the responses was posted on TalkLondon and reading it made me so cross I wrote a very long comment on the site. I then thought I’d post the comment here as well, as I think it’s relevant for everyone to read, not just the people at the council.
I couldn’t disagree more with the statement that buy-to-let landlords are central to dealing with the supply of new homes in London. They are the main cause of the current problems:
A) They force house purchase prices to artificially high levels, by buying up houses for personal gain and profit, but renting them to those who now can’t afford to buy.
B) This causes more people to be unable to save for mortgages, being forced to pay too high rent.
C) They keep rents artificially high, as well as the house purchase prices, to ensure profit of their “business”.