Monday, February 18News For London

Tag: Rent

Mayor Sadiq Khan pledges to end London housing crisis

Mayor Sadiq Khan pledges to end London housing crisis

Business, Housing, London, London Mayor, News, Politics, ReportingWeek2, Uncategorized
London has been notorious for being an expensive city to live in – the cost of housing has hit the roof and student accommodation becoming more expensive – the youth in London are at crossroads over the sudden boom in prices. In an effort to stabilise the real estate market, London’s Mayor, Sadiq Khan has agreed to another London MP that it is the need of the hour to adopt “a strategic approach to rent stabilisation and control” in order to combat the housing crisis. London has also been facing a homelessness crisis, which has been further amplified by Section 21, a law in which landlords can evict tenants after a fixed term ends or during a tenancy with no fixed end date or ‘periodic tenancy’ as it is known. The section has faced a lot of flak as it allows ‘no fault’ evictions which
Mayor Sadiq Khan recognised London needs more controls in private renting

Mayor Sadiq Khan recognised London needs more controls in private renting

Housing, London, London Mayor, News, Politics
The new Mayor’s project could impose different regulations to limit and cap the private rent prices in the English capital. The Mayor of London wants to introduce more control on private rent in London, as its prices are increasing year by year. The first London Living Rent homes launched this week: find out more about my plans to help Londoners who rent https://t.co/7JImy2VvIv — Mayor of London (@MayorofLondon) 4 May 2017 The weekly average private rent has risen by 39 pounds from 2008 to 2017, according to the Department for Communities and Local Government, while outside London this cost has stayed stable.     Khan’s “London Model”, which will be published in spring 2019, will contain the changes in how to supervise the private rent in London. This
Millennials priced out of prosperous future

Millennials priced out of prosperous future

Housing
The rise of London living costs could force out millennials Traditionally, the charm of the capital has never failed to attract young millennials across the globe. With its lucrative job opportunities and unprecedented rooftop views, you quickly find yourself amidst the young crowds here to pursue a lifelong dream. Although, we are very familiar with the phrase ‘everything comes with a price’. Cost of living in the capital has dramatically increased making a decent living almost unaffordable, as house prices bear no relation to income. Unregulated rental prices by private landlords consume almost two-thirds of average salary. “We need to do everything we can to help Londoners who are struggling to pay their rents. That’s why I’m working with housing associations and councils to bui
Homeowners in London will decrease to 40 percent in 2025

Homeowners in London will decrease to 40 percent in 2025

DontUse, News, Politics
London will be a city for renters rather than owners in 2025, research by PwC reveals. The forecast outlines a deterioration of the problems for the Generation Rent, with an increase of rental housing in the UK capital. People born in the late 1980s and in the 1990s will be most affected. The research shows a reversal of the situation in 2000 when homeowners were about 60 percent. Instead, 60 percent of Londoners will rent a home rather than owning one in 2025. Of these, 40 percent will be private rents and 20 percent social rents. The increase of  prices for renting and the decline of average income are the main causes of this trend. Richard Snook, senior economist at professional services firm PwC, told the Financial Times earlier on Tuesday: “High prices are making homes i