Labour calls for private rent controls in London

Central London has become a ‘no-go area’ for ordinary families looking for somewhere to rent, as average monthly rents soar well past the £5,000 mark, the Labour party has claimed.

Two sets of data from agents Ludlow Thompson and investment fund London Central Portfolio have prompted fresh calls for rent controls.

According to Ludlow Thompson, rents in SW1, which includes Belgravia and Knightsbridge, average £6,171 a month. Next most expensive is the W1 postcode covering Mayfair, Marylebone and Soho, where rents are £5,493.

In Chelsea, SW3, the average monthly rent is £5,442.

Ludlow Thompson director Stephen Ludlow said rents had been pushed to “astronomical levels” in the West End.

Meanwhile, London Central Portfolio says that a three-bedroom apartment in prime central London now costs £8,000 a month.

Cllr Paul Dimoldenberg, leader of the Labour group on Westminster council, said: “These figures make the strongest case yet for the introduction of controls on private rents.

“London is the only major city without a form of rent control and hundreds of thousands of ordinary Londoners are now paying a massive price for the huge escalation in rents throughout the capital.

“Without more homes at rents that people can afford, London’s housing crisis will only get worse.”

However, most agents in central London say that rents have actually fallen because of job losses in the City and cuts in corporate budgets. Knight Frank says rents have been falling for the last nine months, but are still 22% higher than four years ago.

Article courtesy of Letting Agent Today

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