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London's private rents increase less than inflation

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London's private rents increase less than inflation

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

Westminster negotiates lower private rents on former council flats Westminster negotiates lower private rents on former council flats

Private sector rents across London have risen by much less than inflation, new figures have revealed.

Statistics from the Office for National show that in the eight years between December 2005 and December 2013, rents across London as a whole increased by less than 11.4%. Inflation, meanwhile, as measured by RPI over the period was 30.5%, and 26.2% when measured by CPI.

In comparison, figures published by the Department for Communities and Local Government show that in the same eight-year period, average weekly rents for local authority housing in London increased by 36.2% and by 48.2% for housing associations.

Alan Ward, chairman of the Residential Landlords Association, said: “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.

“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."

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