London rent freeze proposal a welcome boost for renters – Canopy

Sadiq Khan’s calls for rent control in London have been praised with rental platform Canopy saying it’s a “welcome boost for renters”.

Rent controls were one of the Mayor of London’s flagship policies in his 2020 re-election campaign.

The Mayor has now renewed calls for private rent controls to help tenants cope with the ‘rocketing’ cost of living.

Khan has said that freezing rents for two years could help thousands of Londoners save up to £3,000 in rent.

He said: “Private renters make up nearly a third of everyone living in the capital and they are set to be hit by a devastating combination of price and bill rises.

“Too often the needs of private renters are ignored by both landlords and the Government.

“Rising fuel and energy costs – which will hit renters in energy inefficient homes the hardest – are already causing anxiety and stress, with a big rise in the energy price cap due next month.”

He added that putting a stop to rent rises would “give people a chance to get back on their feet after the pandemic.”

The proposal was welcomed by Chris Hutchinson, CEO of rental platform Canopy who said: “The proposal from Sadiq Khan to freeze private rents would be a welcome boost for renters at such a testing time.

“The cost of living crisis is hitting everyone hard and those renting, in potentially energy inefficient homes, are likely to see utility prices skyrocket.

“And the continuous growth of house prices and increased cost of living makes scrapping together a deposit an increasingly difficult challenge for those looking towards homeownership, meaning they’ll be renting for longer.

“27% of UK adults already feel stressed about money every single day, and this anxiety will undoubtedly grow with tenants needing to dip into savings or stretch budgets further to cope the increasing cost of everyday life.

“A freeze on rent costs would give renters an element of certainty and what’s paramount now is that people take control of the things they can.

“That’s positive financial habits and ensuring rental payments are used as a tool to build credit scores so when the time is right to buy, renters are ready.”

Rents in London are already at a record level, hitting an all-time average high of £2,142 per month in January.