In a speech today, Ken Livingstone will announce plans to tackle London’s private rental crisis. Speaking to the London Policy Conference later today Ken Livingstone will announce that if elected he will:
1. Establish the first London-wide non-profit lettings agency – to put good tenants in touch with good landlords so that both can benefit from security of tenure and reduce the costs of letting.
2. Campaign for a London Living Rent – hundreds of thousands of Londoners pay more than one third of their income in rent. Ken will make that a benchmark which will guide the work of City Hall on housing.
Private rented housing makes up 24% of London households (compared to 16% nationwide), and is particularly prevalent among young Londoners. The cost of renting is not just an issue which affects low income Londoners though. The average rent is now £1,000 and is the only option for many, given that the average first-time buyer property is now over £257,000.