As a result of to London’s prospering property market, thousands of people are unable to obtain a mortgage to purchase their own properties. Costs to rent in the capital are now at an all-time high and this has seen many hardworking families and young people being priced out of London
Figures reveal that approximately nine million people (including over a million families and two million children) rent from a private landlord. On average they pay over £1000 a year more than they did in 2010 and face extortionate charges from letting agents.
Sadiq Khan MP said:
“London’s sky-high property prices mean that more and more people are turning to privately rented accommodation and this is now the norm for many families. Tooting has the 15th highest rate for private renting of all 650 constituencies across the UK. The rules on private renting have not yet caught up to address the rise in private renting which means that people are still struggling with the costs, uncertainty and insecurity built into the rental market.
“Something has got to be done. Reforms to the private rented sector are now a necessity, to ensure that tenants and landlords both get a fair deal. I am therefore pleased to support Labour’s commitment to make three-year tenancies the norm, protect against excessive rent increases and banning unfair letting agent fees, saving the average renter hundreds in costs. Times have changed, now the law must too to help address the needs of so many hardworking Londoners.”