Luke Taylor warns working families “priced out” of London

The Liberal Democrats have warned that working families are being “priced out” as data published today by the Office of National Statistics has revealed that the average Londoner is spending 41.6% of their income on rent.

Equating to £1,957 per month, London’s rent is significantly higher than the rest of the country and 10% higher than the “affordability” threshold, which is priced at 30% or less of income.

All 32 local authorities in London had housing costs above the affordability threshold., the worst being Kensington and Chelsea where the average rent amounts to a whopping 74% of average income.

The Liberal Democrats have demanded action from the Government to “tackle this problem at its root” by building 150,000 more social homes a year nationwide.

The party is also calling on the Government to speed up the implementation of the Renters’ Rights Bill including banning no-fault evictions and introducing a national register of licensed landlords to help stabilise the rental market.

Luke Taylor, MP for Sutton and Cheam and Liberal Democrat London Spokesperson said:

“London used to be a city full of opportunities for everybody but too many Londoners, from working families to young people, are being priced out as a result of eye-watering rental costs.

“The rental market has turned into the Wild West with renters facing exorbitant rent increases and being thrown out with little notice after successive governments have dragged their feet in bringing an end to no-fault evictions.

“Labour must now act quickly and tackle this problem at its root, which is supply. That is why we’re calling on the Government to build 150,000 social homes a year nationwide and get on with renters’ reform to ensure everyone is able to live in and enjoy our great city.”

ENDS