Private renting costs in Camden are 'classic example of market failure'
PUBLISHED: 16:01 11 July 2016 | UPDATED: 16:01 11 July 2016
Rent prices in Camden have been described as "eye watering" by a politician responsible for housing.
Councillor Danny Beales, who chairs Camden Council’s housing scrutiny committee, warned that businesses and public services are being affected as workers are being priced out of the borough.
A report shown to the committee last week revealed that renting a room in Camden costs an average of £862 a month, compared to £350 across the rest of England.
The cross-party panel described it as “the classic example of market failure”.
The council is set to step up efforts to enforce letting agent fee rules, with mystery shopper operations, and will look at setting up a social letting agent - a not-for-profit organisation.
The cross-party panel also called on the council to lobby for London’s Mayor or councils to have greater powers to stabilise rents.
Cllr Beales wrote: “The levels of rent in the sector are eye-watering.”