If implemented, the ban would mean that rents could increase or decrease at review. Unsurprisingly, this provision has been met with strong opposition from the investment sector. It makes the basis for investment more challenging, adding another hurdle to the process and increasing uncertainty in the market during a time when stability and growth are urgently needed.

This seemingly short-sighted reform risks causing significant unintended damage to an already fragile economy. By undermining property values, it could reduce returns for individual landlords and pension funds alike, ultimately leaving many worse off. Even the Government may suffer, through lower receipts from capital gains tax and stamp duty land tax.

Although anti-avoidance measures are planned, landlords may respond by seeking greater financial security in other ways. These could include demanding premiums for longer leases, increasing initial rents to hedge against downside risk, or negotiating stepped rents to mitigate revenue volatility.