Stabilising the private rented sector

London’s private rented sector (PRS) has grown significantly over recent years. A decade ago private renting was 17 per cent of London’s housing stock. Today, over 26 per cent of London’s homes are rented privately.

Despite the huge growth in the PRS, the regulations that govern it have remained largely unchanged since the 1980s.

The London Assembly Housing Committee report ‘At Home with Renting: Improving security for London’s private renters’, recommends that the next Mayor should seek delegated powers from Westminster in order to introduce a new default rental contract of three years, with initial rents set by the market, and increases limited to consumer price inflation.

The report, which represents the view of the majority of the Committee^[1], also recommends the new Mayor should:

• Stimulate the build to let sector by getting government help for landlords competing to develop land;
• Set up a London-wide register of landlords to help the boroughs enforce existing legislation and better protect tenants; and
• Support London’s low-income renters by lobbying government to review the freeze imposed on Local Housing Allowance levels in London until 2020.

The report is available to download below.