According to City A.M, shadow chancellor John McDonnell speaking to a conference on Saturday, promised to help people “who are at the mercy of an unforgiving, unrestrained housing market and landlords”.
He said that although prices at the top end have cooled due to the additional Stamp Duty tiers, the supply and demand gap continues to send prices rocketing in outer boroughs.
“Many, particularly young people, who are unable to get onto the housing ladder are then at the mercy of an unforgiving, unrestrained housing market,” he added.
“Other urban areas are suffering from skyrocketing rents.
“We’ll look to give local authorities the powers to impose rent regulation to secure fair rents where these are needed as Labour committed itself to at the last election.
“We know the supply of housing is simply not sufficient to meet demand.”
