A progress report from Mayor Boris Johnson on the London Rental Standard (LRS) has revealed more than 115,000 private rented homes now come under the accreditation scheme.
With just over a month to go before the first anniversary of the LRS in May, Johnson and the Greater London Authority are urging more letting agents and landlords to sign up.
Johnson says he is determined to stamp out bad landlords and letting agents across the city by getting his message across to as many private landlords as he can.
“This enthusiastic take-up from agents across the capital is testament to the great success of our new and growing London Rental Standard,” he said.
“With more and more of London’s workforce and young families now living in rented homes, this sector has a vital part to play in helping to meeting the capital’s housing needs.
Better living conditions
“The standard is improving the experience of everyone involved with a clear code of good practice, and I encourage every agent, landlord and tenant to seek it out and sign up.”
So far, 307 letting agents have pledged to promote the LRS, including the city’s 10 largest letting firms, such as Spicerhaart (Haart and Felicity J Lord), Andrews, CBRE, Chestertons, Douglas and Gordon, Savills, Knight Frank, Leaders, Foxtons and Stirling Ackroyd.
This means every landlord and tenant renting through a Greater London branch of one of these agents should offer:
- Clear fee structures
- Better living conditions
- Improved customer service, especially when dealing with problems and repairs
- Protect deposits
Johnson believes the LRS is already raising private rented home standards across London.
Almost a third of Londoners now live in private rented homes and this is projected to increase to more than half during the coming decades.
“The LRS helps tenants choose reliable letting agents and landlords that they can trust,” said Johnson. “Only 15% of landlords understand housing law and only a third have housing management training, so it’s vital that we help them understand their responsibilities to their tenants.
“We are also equipping them with the knowledge they need to protect themselves from mistakes which can incur hefty costs and leave tenants disgruntled.”
According to A Century of Home Ownership and Renting in England and Wales, published by the Office of National Statistics, 24% of households in the London privately rent.
While Housing In London 2014 published by the Greater London Authority states the city had 3.3 million households at the last count in Census 2011.
From these figures, the conclusion is London has 792,000 private rented home and the LRS has reached 15% in 10 months.