Rents across London have soared over the last six years whilst wages have fallen far behind.
A new study by the GMB union shows that between 2011 and 2017, rents for 2 bedroom flats in London increased by 25.9% to an average of £1,500 per month, while monthly earnings increased by just 9.1%.
Carshalton & Wallington MP Tom Brake commented:
“The sad reality is, more and more people -- especially young people -- are struggling to afford a home of their own.
“We’re in this untenable situation where rents are accelerating, whilst wages are lagging behind in the slow lane. If rents continue to soar, people will inevitably be pushed off the housing ladder.
“I want to make sure that everyone is able to provide for their families and have a place to call home.
“That’s why it’s great that here in Sutton, the Lib Dem-run Council is leading the way by building new and affordable council homes for local residents. This has to be replicated across the capital if we’re going to stand a chance of ending the housing crisis.”