London mayoral candidate Sadiq Khan, Member of Parliament (MP) for Tooting since 2005 last week re-stated his commitment to affordable housing in London should he be successful in the May mayoral election tweeting: “As Mayor I’ll set up a not-for-profit lettings agency, rejecting rip-off fees and offering secure, long-term rents”.
Khan, sees the upcoming London elections a “referendum on housing” and claims that the Tories have failed to address the crisis that the city is facing. He is promising to introduce a “London living Rent” to ensure that renters in London on an average wage won’t have to spend more than a third of their income on rent.
This he thinks will lead to a “better quality of life for many”, and giving renters in London a chance to save for a deposit on their first home purchase. People who live and work in the capital will be given “first-dibs” on properties he implies, which should “help stabilise the local rental market”.
Khan also says he’ll work with local boroughs to set up licensing schemes to “name and shame” bad landlords, and help to “promote the good ones”.
“It will be interesting to see if this would result in lots of different schemes all with their own agendas or whether it would be a scheme similar to a mandatory version of London Rental Standard which would apply city-wide!, says the Association of Residential Letting Agents (ARLA).
“Some of the measures will undoubtedly be seen as promising by hard-up renters in London, but it could be argued that his plans lack detail and it remains to be seen whether his ambitious goals are achievable.
“He wants to extend his ‘first-dibs’ approach to the buyers’ market too, ensuring that Londoners are given first refusal on house purchases and has ambitious plans for a whopping 50% of all new London homes to be ‘affordable’. To complement this, he’ll put a stop to what he calls “buy-to-leave”, where homes are sold off-plan to overseas investors and then often left unoccupied and kept purely for investment reasons.”
— LandlordZONE (@LandlordZONE) March 9, 2016