There is currently a housing crisis in London, with house building at the lowest level ever since 1924, and the average rent rising at 10% a year. Home ownership in the capital is also falling. The average age of a first time buyer is now 38, and the average London rent is now more than half of the average London monthly income.
In addition, more than 55,000 Londoners have been hit by the Bedroom Tax, and Mayor Boris Johnson is missing his own targets for building new affordable homes.
Tackling the housing crisis is Labour’s number one priority in London. Labour councils would tackle London’s housing crisis by building more genuinely affordable homes and tackling rogue landlords and rip-off letting agencies.
Labour would also build more homes for London’s growing population and bring empty homes back into use. Alongside this, Labour will create jobs and apprenticeships in the building industry and will repeal the Bedroom Tax.