Over half a million home renters in London face eviction as arrears spiral

More than half a million residents in London are facing potential eviction from their homes due to rent arrears, a City Hall report revealed.

Research from City Hall and pollsters YouGov estimates that a quarter of the 2.4 million adults who rent homes in the capital have fallen behind on their rent, or are likely to do so as a direct result of the Covid-19 pandemic, reports Xinhua news agency.

London Mayor Sadiq Khan called on the government on Wednesday to give him the power to freeze private rents for two years, to help residents cope with the skyrocketing cost of living in the city.

In its analysis on Wednesday, City Hall said a rent freeze over two years would save the average London renter around 3,000 pounds ($3,950).

"Private renters make up nearly a third of everyone living in the capital and they are set to be hit by a devastating combination of price and bill rises," Khan said.

"Rising fuel and energy costs, which will hit renters in energy inefficient homes the hardest, are already causing anxiety and stress, with a big rise in the energy price cap due next month."

According to the latest figure released by HomeLet, a tenant insurance company, the average rental value for new tenancies in London is 1,757 pounds a month.

Rents in London have increased by 11.8 per cent compared to last year.