London mayor hopeful would set up not-for-profit letting agency

London mayoral candidate Labour MP Sadiq Khan has pledged to make housing his top priority.

He would set up a London-wide not-for-profit lettings agency, name and shame rogue landlords online, and end “rip-off fees for renters”.

He would also introduce a Homes for London Living Rent, and offer part-buy, part-rent homes for first-time buyers who had been renting for over five years.

Issuing his manifesto yesterday, he said: “We cannot afford to price ordinary working Londoners out of city.

“If we shut down opportunity, London will become closed to the young, to the entrepreneurs and to the hard-working people who make our economy and communities tick.

“My mission is to restore opportunity and in doing so, to protect and advance London’s competitiveness and its status as a world-leading city for business, creativity and fairness.

“My first priority will be tackling the housing crisis. We need to build more homes, including more genuinely affordable homes for Londoners, and fewer gold bricks for overseas investors.”

Khan said he wants 50% of new homes being genuinely affordable; he also wants to prioritise “getting a better deal for renters”.

Khan would set up a new body, Homes for London, uniting councils, developers, investors, businesses and residents’ organisations.

In his manifesto, Khan says: “I know from my visits across the city that more and more Londoners are finding it increasingly difficult to find somewhere to rent that is affordable.

“Many face letting agency fees that are too high and property standards that are too low.”

As well as setting up a not-for-profit lettings agency “for good landlords”, he would promote licensing schemes in boroughs, and make the case for London-wide licensing.

The online database of criminal landlords, would be based on a scheme set up by New York mayor Bill de Blasio, listing those who had been successfully prosecuted for housing-related offences. It is not clear whether Khan would include letting agents.

His Tory opponent, Zac Goldsmith, said the manifesto did not survive “even the gentlest scrutiny. This isn’t a manifesto. It’s fantasy politics.”

Independent analyst Andrew Teacher, of housing-focused Blackstock Consulting, described it as “another housing manifesto from an opportunistic politician”.

The manifesto is here

x

Email the story to a friend



5 Comments

  1. Will

    I wonder where he will get the stock from?  Who is going to trust them when you know their only interest is that of the tenant and not the landlord?

    Lets face is all politicians are opportunists.

    Report
  2. Eric Walker

    Here’s a thought. There is something called ‘supply and demand’. If you drive to East London and look around Excel towards Newham, you will see acres of land and derelict buildings. One reason is the ‘not fit for purpose section 106 agreements and the crazy requirements for a high proportion of social housing. 10% of something is better than 30% of nothing.

    This reduces profitability, desirability and makes banks nervous to fund schemes. Revisit this and unlock the potential for 1000’s of new properties which will add to the housing stock. Create some schemes for key workers – others would be idea for investors who will want to rent. Avoid the luxury end of the market and build practical homes in an area with fantastic transport links for a city which is crying out for homes and provides a by product of increasing supply and halting price rises.

    Report
  3. Ewan Foreman

    Key differences between a not-for-profit lettings agency and a privately owned lettings agency:

    One is started by people who work long hours and are willing to make big sacrifices. The other is started by people who access 3 year funding.

    One has clear commercial objectives. The other has multiple objectives that seldom survive the test of time.

    One has lots of hard work. The other has lots of meetings and reports.

    One pays tax. The other pays no tax.

    One puts a smile on the face of people who see business as a force for good. The other puts a smile on the face of people with quite different hard wired skills.

    Report
  4. Robert May

    Not for profit letting agency? Interesting concept;  an agency that saves the landlord a few quid on the initial letting but with a declared interest in making rents more affordable thus costing the landlord more than a few quid long term.

    Here’s a suggestion for a name ‘Oxymoronic Lettings of London’  win votes not business

    Report
  5. Will

    So this is what Mr Khan wants to spend my hard earnt cash on!  Will I be voting for him?  I think not!!!!!

    Report
X

You must be logged in to report this comment!

Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.