Private rented sector (1)

MQT on 2014-02-26
Session date: 
February 26, 2014
Question By: 
Tom Copley
Labour Group
Asked Of: 
The Mayor


What benefits has your approach to improving London's private rented sector thus far generated for London's private tenants?


Answer for Private rented sector (1)

Answer for Private rented sector (1)

Answered By: 
The Mayor

The benefits of my approach are four-fold:

       Purpose-built rented housing such as the Athlete'sVillage, Genesis Halo and Fizzy Living are contributing to new supply. In addition my policy of encouraging investment in new rented homes rather than trying to deter it with draconian rent controls and restrictions on overseas investment has also helped maintain a strong supply of new rented homes. With rent increases in London now falling to below the rate of inflation..

       I have supported the introduction of compulsory redress scheme membership for all letting agents, helping to create a more accountable sector.

       My London Rental Standard will help to address standards and increase professionalism in the private rented sector

       I am looking into how the Housing Health and Safety Rating System could be reformed to make enforcement of standards in the PRS more effective.

In addition, during my time as Mayor there has also been a rapid improvement in stock conditions, with the proportion of private rented homes failing the decent homes standard falling from 39% in 2008/09 to 30% in 2011/12.