Buy-to-leave investors sitting on over 57,000 properties in London
The Residential Landlords Association (RLA) is calling on the new Mayor of London to clamp down on investors who invest in property and leave them empty denying tenants of properties and driving up both house prices and the cost to rent.
Many of these investors are from overseas who see London as a safe haven to invest in. By 2015 the accountants PwC predict that 60% of Londoners will live in rented accommodation.
RLA policy director David Smith said: “With access to decent and affordable housing the number one issue in London, it is a scandal that so many homes lie empty as investors wait to sell them off for a profit.
“The next mayor needs to use all the powers they have to stamp out this practice, and encourage good, decent landlords to provide the homes to rent Londoners need.
“The majority of landlords provide decent homes to their tenants and are as keen as anyone else to root out the crooks often preying on vulnerable people. The next mayor should work positively with them rather than seeing them as a problem to be dealt with.”