Labour’s policy on rent caps, and how it could affect landlords and tenants

Private rent has skyrocketed 9 per cent this year according to the Office of National Statistics with the average monthly cost rising the most in England as it hit £1,285.

With no limit on how much a landlord can charge, tenants are under pressure to pay the higher rents or risk having to move out for someone who will.but others criticise the practice saying it can have unintended consequences and reduce the number of properties available to rent.Labour’s shadow chancellor Rachel Reeves has appeared to suggest she favoured giving local authorities the power to cap rents.

She said: “I think that should be up to local areas to decide, there may be the case for that in some local areas, but as a blanket approach, I’m not convinced by that.”They said: “While Labour believes action needs to be taken to address extortionate within-tenancy rent rises, rent controls are not national Labour Party policy as we remain mindful of the risk they could pose to the availability of rental properties and the harmful impacts any reduction in supply would have on renters.

“Part of the answer is to build more but the effect on rent affordability will take years. What renters need now is protection from rent rises that price us out of our homes, and it is positive that the Shadow Chancellor is open to this.

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