Sadiq Khan is the new Mayor for London.
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What’s the potential impact on private renting sector?
Proposal’s that a new team will be introduced within City Hall that will fast track the building of affordable housing for both the rental and buying sectors.
Setting a target of 50% of all new homes built within London, to be deemed as affordable and made available to both first time buyers and people that live within the local area, thus putting a halt on off plan buying by investors that do not reside in London. Funding for these initiatives, Sadiq states will come from the previous Mayor, Boris Johnson unspent pot of £400 million.
A further key issue that will be looked into will be the introduction of a London living rent, giving affordable housing with rent levels based on a 3rd of the local income, not market rates.
His last proposal is for a London wide no profit, letting agency which will promote the longer term tenancy agreement, this being 3 years for good tenants and landlords alike. He will liaise with London Boroughs, to set up schemes to report on both good and bad landlords, assisting people in their decision making.
Watch this space to see if delivered during his term.