Instead, landlords and letting agents have a strategy for a capital-wide voluntary accreditation scheme.
The LRS simply combines accreditation run across London into one scheme with one web site and one set of standards and fees.
From a property investor’s point-of-view little has changed unless landlords invest across two or more boroughs.
After months of haggling, threats of rent controls and tough policies against landlords, what is left is a much watered-down compromise.
The LRS is simply a spin device for the mayor to wiffle-waffle that he has worked hard to improve standards and slow down rent rises in the capital.
He hasn’t and LRS won’t do any of these things.
As a voluntary scheme, the rogues will stay away.
Johnson hopes to have 100,000 landlords signing up by 2016. Landlords and letting agents currently with an accreditation scheme will ‘passport’ their membership into LRS as London’s council close their own schemes.
Just how many of the 100,000 target this will make is unclear – but will cut the target significantly.
Johnson said: “With more and more of this city’s workforce living in rented accommodation, London’s growing private rented sector is essential to London’s economy.
“While most landlords provide a highly professional service, this more co-ordinated and transparent approach will create a more competitive market, empowering tenants and incentivising landlords to expect and provide a consistent high-quality service.
“Better standards and boosting supply is the key to taking the pressure off London’s rental market, not burdensome rent controls which deter investment and remove the incentive for good service.”
The scheme has been broadly welcomed by organisations representing landlords, letting agents and tenants.
Hopefully, the LRS web site is not a sign of things to come – currently the link shows a message the site is offline.
