Skip to main content

Zac GoldSmith and Sadiq Khan ,Mayor of London Hopefuls. the housing crisis London

Zac Goldsmith vs Sadiq Khan - The Late Debate London Programme

Londoners Face 'Rip-off' Fees Equal To Six Weeks' Wages To Rent Home, Sadiq Khan Reveals

The sky-high cost of renting in London has been laid bare after figures revealed tenants are forking out six weeks’ pay upfront each time they move home.

An analysis by Labour’s London mayoral candidate Sadiq Khan shows renters are having to find £3,735 by way of a deposit and estate agent fees before moving into new accommodation, which the MP described as "exorbitant" and a "rip-off".

The figure, compiled by examining the costs levied by the capital’s six biggest agencies, dwarfs the average monthly wage in London of £2,700.

If elected, Mr Khan, whose main rival is Tory Zac Goldsmith, has pledged to establish a London-wide not-for-profit lettings agency to charge renters the “true administration costs” involved in moving.

The number-crunching reveals outer-London is moderately more affordable than central London - though people are still hit by a payment equivalent to five-and-a-half weeks wages.

The upfront charge ranges from £2,662 in the Bexley and Havering boroughs to £6,080 in Kensington and Chelsea.

Labour argues since the last mayoral election in 2012 average letting fees have soared in London by 48 per cent, but the Tories have “simply stood aside and done nothing to help struggling renters”.

Mr Khan said: “Millions of Londoners already struggling to find somewhere affordable to rent are also facing exorbitant and rip-off letting fees.

“People often have to move through no fault of their own, but because their rents are suddenly put up or they’re kicked out by their landlord. Londoners are having to take out loans or go into debt just to pay the huge initial costs.

“As Mayor, I’ll establish a London-wide not-for-profit lettings agency that will not only charge renters the true administration costs, but also drive up standards in London’s rental sector and provide greater stability for tenants.

“I’ll also use all my powers to ensure we use publicly owned land to build homes that Londoners can genuinely afford to rent and buy.”

In London, renters are having to find £3,735 by way of a deposit and estate agent fees before moving into new accommodation

Those renting have to stump on letting fees on top of a deposit equivalent to six weeks of rent and at least one month’s rent in advance.The average deposit in London is around £1,940, while the average first month’s rent is £1,400. On top of that comes the average letting agent fee, which is £397.

Further Reading 

TfL releases land for 10,000 homes across the Capital 

Zac Gold Smith Housing Crisis what needs to be done

London’s housing crisis > Blue and Red debates @ London Mayor Question Time & Cop21

Elected Labour Candidate, for Mayor of London, Sadiq Khan, outlines his Housing Policies

Boris tells planners & developers to put culture first for city development

why Uber is good for london 

Class War protest outside Kennington Road London High Street Estate Agents Reed and Rains 

£24m Westminster Mansion Sold Online to save High Street Estate Agent Fees

Rent Stabilisation Measures & Landlord Response >Research By University of Cambridge >Cambridge centre for Housing and Planning Research 

Government's > Help to Buy ISA > First-Time Buyer Scheme > Mortgages Explained
Alison Platt CEO CountryWide PLC High Street Estate Agent > Debunking the Myth of Corporate PR

Airbnb Sharing Economy Marks 4M UK Guests by Hosting Business Secretary

Almost twice as many brits believe that property makes better use of cash then isa , pensions stock , shares ,premium bonds 

PURPLEBRICKS [LON:PURP] The Telegraph Questor share tip:

Boost for housing as government puts hundreds of acres of land up for sale

Comparethemarket ready set go for Large IPO interim results, good start, launches in house data sales, online market share continues

what next for zoopla realtor or zillow