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Labour pledges 'living rent' at one third of local average income or less

Labour insists that if it forms the next government it will introduce ‘living rents’ in a new range of affordable homes that will be “well below market rent levels”.

In its new housing policy - launched as part of its local election campaign ahead of polls on May 4, but containing pledges should the party win the next General Election - Labour says that it will build up to 100,000 “truly affordable” homes per year.

It then says that of those new affordable properties which are let out “social rent will typically be well below market rent levels and set using an established formula based on local incomes, property values and the size of the property.”

Labour says that while the rent policy is directly applicable to social housing it would create a benchmark by which tenants could compare private sector rents, too.

It adds that: “Living rent homes which will have rents set at no more than a third of average local household incomes. These homes will be aimed at low-to-middle income working families, key workers and younger people who want a better alternative to renting from a private landlord, or who want help saving for a deposit for a home. 

“In Manchester, a property let at a living rent could be around £130 cheaper each month than a private at, allowing a couple to save £4,700 extra towards a home to buy over three years. 

“In Crawley, a living rent home could be £179 cheaper than the prevailing market rent allowing a household to save almost £6,500 extra towards a house to buy.”

Most of the party’s new policy is given over to council and housing association properties and targets, but Labour says it will also consult on a single housing Ombudsman scheme, stop Right To Buy in England - it has already been effectively suspended in Wales, Scotland and Northern Ireland - and keep the Land Registry in public ownership.

It also says: “A Labour Government will allow councils to charge a 300 per cent council tax premium on properties that have been empty for more than a year. We will strengthen the Empty Dwelling Management Orders to bring homes back into use.” 

Poll: Will Labour's 'living rent' make social renting more attractive than renting privately?

PLACE YOUR VOTE BELOW

  • jeremy clarke

    So, a political party who insist that they will tax all businesses to extinction, who do not want any business to make a profit and who base all policies on borrowing every penny that they spend is going to provide thousands of properties?
    Who will they get to build them then?
    Can't think of my builders who would do it for nothing and pay more tax for the privilege can you?

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    Which political party are you referring to? It certainly not the Labour Party and if you think so you need to do a reality check or at least a fact check. All Governments "borrow" what they spend. The Tory Gov't have doubled the national debt although not sure what they have spent the money on!

     
  • Simon Shinerock

    So the party that apparently stands for equality will pursue a housing policy based on inequality. I wonder how they will choose the lucky tenants, perhaps based on their blind allegiance to JC and the SWP

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    There is no equality in the Housing Market only the well off and everyone else.

     
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    Campaigning for votes with pie in the sky policies as always.. hope the tenants don’t believe this rubbish

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    No doubt Dianne Abbott has costed this out and everything is fine.

  • Mark Wilson

    Buy to let landlords, exit via the gift shop.

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    Do you think Philip Irvine supports the Labour Party? Labour thinks that social engineering is the answer to all the housing problems. Little does it know!

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