The Mayor of London Sadiq Khan has today (3rd August 2023) published new City Hall analysis revealing unchecked private rents in London could soar to more than £2,700 pcm next year.
Khan is renewing his longstanding plea to government to protect London’s 2.7 million renters and urgently introduce a two-year rent freeze as the capital’s housing crisis worsens.
The mayor has said that record-high rents are a symptom of the housing crisis, which in the capital has created a situation where 49% of children in private rented homes live in poverty.
According to City Hall, if a two-year rent freeze was to be introduced renters could save £3,374 on average — with £887 saved in the first year alone, and £2,487 in the second year.
The total proposed saving is £386 more than when this analysis was last conducted by the organisation in March 2022.
The mayor will continue to call on government to deliver the £4.9bn needed each year to build the affordable housing that is so desperately needed, and push for the powers to freeze rents to protect Londoners right now.
Khan commented: “These figures reveal the clearest picture yet of why rent controls are so necessary.
“Private renters make up nearly a third of everyone living in the capital, but they are being consistently let down by a government that refuses to listen and take urgent action to protect them from even greater financial hardship.
“Londoners re-elected me on a manifesto pledge to push for the powers to control rents and I will not stop advocating for this lifeline on their behalf.
“I am delivering on my promise to build a better, fairer and more prosperous London by building more affordable homes in the capital and providing vital support to Londoners through the cost of living crisis.
“It’s about time the government did the same.”
Ben Twomey, chief executive of Generation Rent, added: “Spiralling rents are driving families into poverty and on to the streets.
“That is why we support the mayor’s call for devolved powers to take action to stabilise rents, [as] this situation shows no sign of improving on its own.”
