Propertymark, a trade group representing agents, is calling upon London mayoral candidates to confront the unique housing challenges facing the capital as voters head to the polls to elect a Mayor and 25 Assembly Members. Their comprehensive plan encompasses various initiatives aimed at addressing these issues.
Firstly, Propertymark advocates for the expansion of the Mayor’s Energy for Londoners programme. This expansion would provide crucial support to landlords and homeowners in their efforts to decarbonize properties, contributing to broader sustainability goals while also improving living conditions for residents.
Additionally, Propertymark proposes the release of land currently held by public bodies for housing development purposes. By unlocking these land assets, the city can alleviate some of the pressures of housing scarcity and facilitate the construction of much-needed new homes.
Furthermore, the trade group suggests incentivizing employers to play a more active role in supporting their workers’ housing needs. This approach acknowledges the interconnectedness of housing and employment, aiming to create a more balanced and sustainable urban environment.
Lastly, Propertymark highlights the importance of addressing the challenges posed by short-term lets through enhanced enforcement measures. By cracking down on illicit short-term rental activity, authorities can mitigate negative impacts on the housing market and ensure the availability of long-term rental options for residents.
The group’s strategy for London acknowledges and appreciates the pledges made by candidates regarding the increase in affordable social housing. Nonetheless, Propertymark identifies a significant gap between the demand for private rented sector accommodation and its supply. Consequently, the Mayor must take proactive measures to incentivize landlords, although cautioning against the implementation of rent controls, which could have unintended consequences.
In order to address the housing shortage and bolster the supply of new homes, there needs to be a more concerted effort to expedite the planning process. Additionally, there should be a strategic utilization of land under the Mayor’s control for development purposes. This approach not only accelerates construction but also contributes to enhancing housing affordability across the capital.
Moreover, it is imperative that the Greater London Authority, Transport for London, and the National Health Service collaborate to release land for residential development. This concerted effort would not only address the housing crisis but also ensure that any development aligns with local needs and demographics, including provisions for families and older individuals.
Propertymark emphasizes the importance of a comprehensive approach that encompasses various facets of housing policy, including measures to encourage the private rented sector’s contribution to meeting housing demand. While advocating for increased social housing, they stress the necessity of simultaneously supporting and incentivizing private landlords to participate in providing rental accommodation.
Furthermore, the group underscores the need for policies that facilitate a balanced housing market, emphasizing the importance of avoiding excessive regulation that may deter landlords from participating in the rental market. Instead, they advocate for measures that promote investment in rental properties while safeguarding the rights of both landlords and tenants.
In conclusion, Propertymark urges London’s mayoral candidates to adopt a holistic approach to address the city’s housing challenges. By incentivizing landlords, expediting planning processes, and releasing land for development, policymakers can work towards creating a more equitable and sustainable housing market that meets the diverse needs of London’s population.
Propertymark has emphasized the necessity for the incoming Mayor to possess increased devolutionary authority to effectively address the myriad challenges confronting the Capital.
Tim Thomas, Propertymark’s Policy and Campaigns Officer, stresses the urgency of the situation, stating, “With a population exceeding nine million and the highest house sales and rental values nationwide, coupled with ongoing challenges in housing supply across all tenures, the next Mayor of London must leverage every available tool to confront the Capital’s issues.”
He further adds, “London is grappling with a pressing housing crisis, necessitating concerted efforts to augment supply across all housing types. This entails collaborating with local councils to expedite the delivery of new homes, optimizing land holdings under the Mayor’s purview, and extending support to existing homeowners and landlords for enhancing energy efficiency in their properties.”
