Boris Johnson outlines new landlord and tenant scheme

by Sarah Ashcroft

London mayor Boris Johnson has announced new plans for the launch of a voluntary accreditation scheme that aims to benefit both landlords and their tenants.

The London Rental Standard's objective is to promote improved conditions within the burgeoning market and empower customers who are looking to move into a rented property in the near future.

Through the scheme, Johnson has noted the importance of the private rented sector to individuals residing in the capital who contribute considerably to the city's economic advancements.

Currently, one-in-four inhabitants in London are living in private rented accommodation, a figure which is set to account for 37 per cent of households by 2025.

With the London Rental Standard, the mayor is hoping to create a set of universal regulations that tenants expect from any accreditation scheme that is operating in London, while providing incentives for the landlords who join.

This will see Johnson utilise funding from the upcoming government £200 million equity fund set to be used to construct new homes, as opposed to rolling out further regulations or rent controls to property owners.

Furthermore, the new scheme aims to promote enhanced design for rental homes - such as better use of communal space and bathrooms - to ensure renters are not living in unsuitable locations.

It comes after research revealed longer-term tenancies can improve the financial prospects of tenants, while being better for landlords in the long term.

For this reason, the mayor announced the launch of a pilot scheme to investigate methods in which they can offer renters longer tenancy agreements and promote certainty over cost increases.

The mayor said: "The private rented sector is a vital and growing component of our city's dynamic economy.

"The vast majority of the capital's landlords provide a highly professional service, but with a vast array of accreditation schemes there is a strong case for landlords and letting agents to get round the table to agree a set of ambitious standards that will empower them and their tenants."

Published on: December 18, 2012

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