Labour’s plans could dissuade investment in construction

A pledge to introduce rent controls by the Labour party could dissuade companies from investing in the construction of homes for rent, two big landlords have warned.

Andrew Cunningham, chief executive of Grainger Plc, voiced concern that “(Labour) said the rents would go up by a reference to some sort of average figure in the market place, (which) we think would not get what they want which is an improvement in standards”.

Rob Noel, chief executive of Land Securities Group Plc, Britain’s largest listed property firm, also said the upcoming election was causing uncertainty in the industry.

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