Labour seeks curbs on buy-to-let investors charging inflated rent

Westminster Labour Councillors have called for a limit on the rents that buy-to-let landlords can charge for former Council flats following the launch of an estate agency by the Council’s ALMO, CityWest Homes, which is advertising flats for rent on the Churchill Gardens Estate at £500 a week, three times the rent than had it remained a Council flat. The three bed flat, which is being advertised as a “A superb opportunity for a ‘buy to let’ investor” is also for sale for £465,000.

Labour say that, given the scale of the West End housing crisis, measures should be introduced limiting rent levels of former Council property to the new affordable rent levels set by Westminster City Council in order that those hard-working families on incomes of between £25,000 -£39,000 a year can find somewhere to live in the West End. The Council’s affordable rents for those earning between £25,000 – £39,000 are;

Westminster City Council has sold over 9,000 of its 21,000 properties over the past 30 years, with 40% of the properties sold in the hands of buy-to-let landlords.

Councillor Paul Dimoldenberg, Leader of the Labour Group, said;

“It is a scandal that these former Council flats are being sold for such huge sums or being rented out at hugely inflated rents. The owners of these flats have enjoyed massive public subsidies and it is grossly unfair that they should continue to profit in this way when there are so many hard-working people in housing need. The Council has stopped building homes for social rent and will now only build for rent at ‘affordable rents’. We are arguing that these new affordable rents should apply to all future former Council properties that have been acquired by buy-to-let landlords and we are asking Westminster Council and City West Homes to join our call to the Government to introduce measures to make this possible. We cannot allow the housing crisis to continue in this unregulated way, when thousands of hard-working families are being squeezed out of Westminster and other parts of inner London”

ASKING PRICE £465,000 3 Bedroom property for sale in Churchill Gardens Estate London SW1V