London rents could soar to £2,700 a month by next year

It’s bad news for renters (Picture: PA)

The average rent in London could increase to a staggering £2,700 per month by 2024, new figures show, as spiralling rents drive families ‘into poverty and on to the streets’.

New figures from City Hall show Londoners can expect to pay £133 more per month than the current average rent of £2,567, as calculated by Rightmove.

Meanwhile, statistics from London Councils show one in 50 people in the capital are living in temporary accommodation.

Sadiq Khan, mayor of London, has been campaigning for the government to introduce a two-year freeze on rents.

He said the latest figures are a ‘clear picture’ that controls are necessary, adding: ‘Private renters make up nearly a third of everyone living in the capital, but they are being constantly let down by a government that refuses to listen and take urgent action to protect them from even greater financial hardship.’

Ben Twomey, chief executive of campaign group Generation Rent, is calling for a ‘big increase’ in affordable and social housing.

He said: ‘Spiralling rents are driving families into poverty and on to the streets.

‘That is why we support the mayor’s call for devolved powers to take action to stabilise rents.

‘The average London renter is already putting 40% of their wages straight into their landlord’s pocket, and this situation shows no sign of improving on its own.

‘Without action, Londoners will continue to face sky-high rents which are forcing the likes of nurses and teachers out of the city and hollowing out our communities.’

And it seems that affordable housing rental schemes aren’t always the answer.

One Londoner, who earns just under £33,000 a year, was told he doesn’t earn enough to qualify for the London Living Rent scheme.

A spokeswoman for the Department for Levelling Up, Housing and Communities said: ‘We recognise people are facing pressures in the private rented sector, which is why we introduced the Renters (Reform) Bill, which is currently going through parliament, and which will deliver a fairer deal for renters and landlords.

‘Evidence shows rent controls in the private sector do not work, as they lead to declining standards, a lack of investment and may encourage illegal subletting.

‘We have a strong track record of delivering affordable homes to rent and buy across the country through our £11.5 billion Affordable Homes Programme.

‘We have also announced £10 billion investment into housing supply and are on track to deliver our target of one million new homes this parliament.’

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‘Spiralling rents are driving families into poverty and on to the streets.’