Propertymark, an industry body, has urged for the private rented sector (PRS) to be more involved in resolving London's housing shortage. This call comes in response to Mayor Sadiq Khan's London Plan, which aims to create capacity for approximately 558,000 new homes between 2027/28 and 2036/37, with a long-term goal of 50% genuinely affordable homes.
While the London Plan gives a significant role to Build to Rent, Propertymark contends that the broader private rented sector must also be recognised as essential. The body warns that private landlords are exiting the London market, even in areas experiencing strong rental demand.
Propertymark suggests that the Plan should monitor the overall supply of rented homes, not solely the growth of Build to Rent. They also recommend considering rents, service charges, and the range of households able to access these properties. Additionally, the industry body points out that frozen Local Housing Allowance (LHA) rates are making it more difficult to provide affordable housing.