The forecast, based on analysis of information from Savills by City Hall, indicates rent prices in the capital city could rise within the next five years by an average of £370 to almost £2,300 per month if left unchecked, despite the cost of renting decreasing in some places in London during the pandemic.
Private Rent Commission
Supported by Karen Buck, Labour MP for Westminster North and Alicia Kennedy, Director of Generation Rent, Khan has called for powers to freeze private rents in the capital.
The Mayor, who has also previously introduced online tools enabling Londoners to ‘name and shame’ rogue landlords as well as check whether their landlord has a property license where required, also proposed the introduction of a London Private Rent Commission which would be responsible for designing and implementing rent controls to make life in London more affordable.
Private rented sector costs
Pre-COVID, Propertymark member agents across the UK helped us to better understand both the costs associated with maintaining private rented properties and the impacts of introducing rent controls.
We consulted with our member letting agents across the UK to better understand both the costs associated with maintaining private rented properties and the impacts of introducing rent controls.
Six-point plan for London
Ahead of the London Mayoral Elections earlier this year, Propertymark outlined its six priorities the incoming mayor must focus on for London. The Mayor is in charge of the £19 billion budget and is responsible for policing and transport across the capital. They also have a role in housing, planning and the environment.