Winkworth chairman Simon Aghais (right) marked his 50th anniversary with the company and warned the New Labor government not to “repeat the mistakes of the past”.
When he took over the company in 1974, Agas said the situation was very similar to today: a severe housing shortage, rental housing in dire condition, strikes that destroyed the capital, and high interest rates. 
No repairs were made because there was rent control and the low rent did not cover the maintenance of the building. ”
“Repairs were not made because there were rent controls and the low rents could not cover the maintenance of the building.
“It was a mess. There were no smoke controls in London at the time, so there were blackened, decaying buildings, and it was pretty grim. It was a very different place.”
But it was also a time of change. Entrepreneurs recognized an opportunity and bought up these dilapidated buildings cheaply, sometimes at 45 percent of their value, from companies facing reputational damage and under pressure to sell from institutions and banks.
“The new buyers modernized the building, cleaned it, tidyed up the common areas, and then offered the apartments to the tenants, often at discounts of up to 30%.”
And what really opened up the market was new legislation, the Housing Act 1988, which introduced more flexible guaranteed shorthold tenancies.
“All of a sudden, we have two classes of rental properties,” Agace says.
Appeal to investors
“Properties that could negotiate rents on the open market were attractive to investors, but other properties were still locked in by rent control, which has gradually disappeared over the years. There are still people living in low-cost apartments.
“The second change was the influx of international funds due to the oil crisis and changes in wealth around the world. There were Iranians, Malaysians, people from Bahrain, South Africa and Hong Kong.
“London has become the family office capital of the world and the center of the business world. If you run a business in places like Bahrain or Abu Dhabi, you probably have a family office in London.”
That's why Mr Agus is warning the government against forcing non-citizens out of the UK with punitive taxes. I can't do that now. We tax you. It's very scary. ”
Pictured: Former Times property editor Anne Ashworth, Winkworth chief executive Dominic Agas and chairman Simon Agas.
