A leading lettings agency boss has blamed rising rents and fewer properties to rent squarely on the previous Conservative government, saying its policies ‘drove away’ landlords.

Guy Gittins (main image), CEO of London agency Foxtons – a company not known for its political views – has told The Daily Telegraph newspaper that he blames the Tories’ for creating a an environment that was not attractive or profitable for new landlords to enter the market.

“It needs to be taken very seriously. We need anything that will encourage people back into the private rented sector,” he said.

“Ultimately, the UK needs tens of thousands, if not hundreds of thousands, of extra rental [homes] to manage the price growth and make sure it is tempered as much as possible in the medium term.”

War on landlords

As Labour flags its intention to carry on the Tory’s ‘landlord bashing’ approach to managing the private rented sector within its Renters Rights Bill due later this year, many senior people like Gittins within the property industry are worried that a continuing war on private landlords will see supply dwindle further.

Only a few months ago, lettings in London reported seeing a 41% reduction in stock over the past three years, a joint report from Savills and the London School of Economics revealed, while Rightmove recently revealed a 20% slump in rented homes listed on its website.

And last week UK Finance, the trade body for mortgage lenders, said the number of new buy-to-let mortgages approved for landlords more than halved last year, and it blamed this more on high interest rates than Government tax policies or extra regulation.

Pic credit: Foxtons/Zoopla