Boris Johnson unveiled the London Rental Standard (LRS), which he described as a set of ambitious guidelines that would empower those in the private rental sector, as well as tenants in the city.
The LRS is a set of uniform standards and regulations for letting agents and landlords in the capital, and contains 12 criteria including commitments pertaining to standards of properties, deposit protection and emergency repairs as well as professional training for lettings agents and landlords. The mayor revealed that there will be incentives to sign up to the initiative and that all those that do will receive accreditation.
He said: “Boosting supply, not burdensome regulation like rent controls, is the key to ensuring that the sector remains a significant feature of London’s housing market.”
Currently around a quarter of people in London live in private rented accommodation, though this figure is anticipated to rise to around 37% by 2025, according to figures released to support the launch of the LRS.
The Greater London Authority has worked with a variety of associations to create the LRS regulations, including the National Approved Letting Scheme, Arla and the National Landlords Association.