Rent control – what does it mean?
Rent control in England and Wales formed part of English land law that created rights and obligations for tenants and landlords. The term ‘Rent control’ referred to rules which restrict the amount of rent that landlords can charge tenants. And with the current economic crisis, will the government be introducing rent controls here in the UK?
What exactly is rent control?
There were two broad forms of rent controls…
Rent caps
These place a ceiling on what landlords can charge for rent introduced in the UK during both the First and Second World Wars.
Rent stabilisation
Doesn’t put an overall cap on rents but sets out the maximum amount rents are allowed to increase year on year or month on month.
Minister rule out rent control in the UK
The government has ruled out rent controls as an option to help alleviate the cost of living crisis, a minister has confirmed. the Department for Levelling Up, Housing, and Communities confirmed that it would not support the introduction of rent controls. In the written statement, Eddie Hughes, who is rough sleeping and housing minister at the DLUHC, said that “historical evidence” didn’t support the measures. He went on to say that rent controls would discourage investment in the sector. And as a result, would lead to declining property standards which would not help landlords or tenants. The mayor of London, Sadiq Khan, has also said that he would like to introduce rent controls in the capital. However, he does not currently have the power to introduce such measures. He has considered rent controls in London before, but many worry a cap could deter owners from letting their properties.
Renting for life?
Renting for life is quickly becoming a reality in the UK where more recently, this has been intensified by how difficult it is to save in the face of food and petrol prices. Also, renting can have many benefits and there are some millennials that are rejecting home ownership and mortgages and choosing to rent. When you rent there is less to maintain, and there is more flexibility.
If you’re looking for a property to rent in Norwich then take a look at our current properties.
