Private Sector Rents across London have risen by much less than inflation, according to the Residential Landlords Association (RLA).
The latest figures from the Office for National Statistics show that in the eight year period between December 2005 and December 2013, rents across London as a whole increased by 11.4%. Over the same period inflation by RPI was 30.5% and by CPI was 26.2%.
Average weekly rents for local authority housing in London during the above period increased by 36.2%, and by 48.2% for housing associations, according to the latest figures from the Department for Communities and Local Government.
“These figures burst the myth that it is private sector rents that are spiralling out of control when it is tenants in local authority controlled housing who are facing far steeper increases in rents,” says Alan Ward, chairman of the RLA.
“Although we accept that in some London boroughs rents are relatively high, index linking rents would leave many tenants worse off and would serve only to paper over the true problem – a lack of sufficient homes to rent.
It is time that the Government recognised renting homes as an active business and supported investment by the army of individuals that make up the majority of the country’s landlords,” Ward added.