There are calls to change parts of the law to ensure that rent increases do not price tenants in London out of the market.
The price of renting in London is said to have, ‘gone through the roof and kept going,’ according to Jim Fitzpatrick, MP for Poplar and Limehouse. He goes on to say that for people renting in Tower Hamlets, yearly rent can, ‘easily take up to 70% of earnings which makes saving for a deposit and moving up the ladder near impossible.’
Tackling rent rises
Right across England, there are a growing number of tenants that describe rising rents as a problem. On average, it is thought that people are now paying £1, 020 a year more on rent that what they were in 2010.
Fitzpatrick believes that, ‘rip-off charges, unpredictable jumps in rent and insecure tenancies add to the uncertainty when people should feel safe in their own home.’
Fitzpatrick feels that recent reform outlines for the private rental sector from the Labour party could gain them a number of voters at the 2015 General Election. Their proposals include giving protection against substantial rent increases, abolishing unfair agent fees and introducing three-year tenancy agreements.
Mr Fitzpatrick says that, ‘the private rental market has changed considerably and now the law has to as well.’ He goes on to suggest that, ‘more than 30,000 people rent privately in Tower Hamlets,’ and the proposals, ‘can make a difference to every one of them.’