The Mayor of London has reiterated calls for an immediate rent freeze in the capital as London average rental prices are more than double that in other UK areas.
Sadiq Khan said he would host an emergency summit over the challenges facing renters in the city, echoing previous calls for a two-year rent freeze.
Tenants have been whacked with “a triple whammy” of surging rents, bills and costs of household essentials, Khan said.
Data from Rightmove shows that London’s average advertised rent is £2,343 a month, £1,000 more than that in the South West and £1,564 than in the North East.
Four in 10 renters in London were likely to struggle to make their rent payments in the next six months, according to polling by YouGov.
Ministers must act fast to introduce their planned renters reform legislation, as well as freezing rents, Khan said, dubbing the situation a “crisis.”
A rent freeze would save renters an average of £2,988 over two years, which would be integral for families battling inflation, City Hall said.
However, the National Residential Landlords Association (NRLA) called news of the summit “disappointing in the extreme”.
The NRLA’s CEO, Ben Beadle, said the Mayor should “focus on boosting the number of homes available”, and renters’ woes were down to a discrepancy in demand and supply for private rented homes.
Rent controls would “discourage investment and lead to declining property standards,” according to “evidence”, a department for levelling up, housing and communities spokesperson told CityA.M..
The spokesperson said the government would bring forward its renters reform bill – which will ban section-21 ‘no-fault’ evictions – in this Parliament.