The Labour London mayoral candidate, Sadiq Khan has revealed his policies on housing – and it seems that rental controls are high on his list of priorities. Earlier this year, Khan told the New Statesman that he plans to introduce what has been called a “London Home Bond”, which will be bought by investors in order to fund housing.
Khan, who defeated Blairite candidate Tessa Jowell in what was seen as a surprise victory, also plans to introduce a number of land release and planning measures. Yellow Oak Inventories LTD is a leading provider of London property inventory services and can therefore be of assistance if you require inventory services during this period of uncertainty for the capital’s private rented market.
Khan has proposed a 50 per cent target for “genuinely affordable homes” in new developments. He also intends to use planning powers to stop ‘buy-to-leave’ purchases and says that he plans to do all he can to “protect Londoners renting in the private sector”, including bringing in a new London Living Rent model, which will link rents to a third of income. Khan has added that he would push the Government into freezing private sector rents and introduce a social housing letting agency.
In related developments, an east London council has purchased an entire block of flats, which it plans to let at below-market rates. Barking and Dagenham LBC purchased the flats from construction business Bouygues, bringing 144 new homes into the private rental market by October. A spokesman for the council described it as an “innovative” decision designed to help “generation rent”. More than 1,000 people have already expressed an interest in the homes, according to the council’s Hakeen Osinaike. The properties cost the council £45m, which came through a credit facility secured from the European Investment Bank.
The two developments come at a time of great uncertainty for London landlords, many of which have been accused of charging excessive rents. Here at Yellow Oak Inventories LTD, we can help if you are concerned about future market developments and require the peace of mind provided by a professional, impartial inventory. We are the number one choice for a number of London landlords and can provide you with the excellence that you require.
Get in touch with the Yellow Oak Inventories LTD team today to learn more about how we can help.