Company Announcements

19 July 2019

Grainger plc

("Grainger")

Response to Mayor of London's comments

Grainger plc, the UK's largest listed residential landlord, notes the announcement issued by the Mayor of London, proposing reviews of the London rental market. The proposals are subject to Parliament's support and new legislation, which the Mayor himself acknowledges he does not have the power to implement.

In his statement, the Mayor recognises the difference between build-to-rent and professionally developed and managed properties compared to the wider buy to let sector, and he calls for incentives and support for the build-to-rent and professional rental market in order to protect investment in new housing supply and existing high-quality rental homes. This aligns to Grainger's strategic aims and our position in the market. 

The Mayor's plans focus on affordability and tenant security in the rental market and both are at the heart of Grainger's business model which focusses on mid-market rental homes and keeping our customers for the long-term.

Of Grainger's total portfolio of c.8,600 properties, 22% are open market rented in the wider London area. The proposals if implemented have limited effect on Grainger's business.

- ENDS-