London Borough Of Camden Tender

London Is Suffering A Severe Housing Affordability Crisis At A Time When The Financial Pressures On Low-income Londoners Have Never Been Greater. Average Rents Across The Uk Were Up 10.8% Annually In December 2022. Unsurprisingly, The Top Ten Least Affordable Places To Rent In The Uk Are All In London – Camden Is The Second Least Affordable Place To Live, With An Average Monthly Rent Of £1,750 Which Accounts For 60% Of The Average Monthly Income. The Rental Market Is Currently Stretched To Breaking Point, With A Lack Of Stock Restricting Tenants’ Choice And Benefit Shortfalls, As Well As An Increased Competition For Places. Buy-to-let Landlords Are Having To Increase Rents In Order To Cover Their Costs Due To Rising Interest Rates And Energy Costs (or Are Selling Up), Leaving A Shortage Of Prs Housing To Assist With Temporary Accommodation. Also, Commercial Property Companies Are Unable To Make A Profit From The Rents That Local Authorities Are Willing To Pay But Can Make A Profit By Letting To The Mainstream Market Instead. London Councils Reported 20% Fewer Prs Properties Procured For Ta In December 2022 Compared To The Same Month In The Previous Year. Prs Tenancies Are Increasingly Difficult To Access, So We Are Working To Maximise Affordable Access, Including Ensuring Homeless Applicants Are Provided With Full Support To Become Exempt From The Total Benefit Cap, (which In Some Cases Can Mean They Can’t Afford To Live Anywhere) By Accessing Sufficient Work Placements That Are Sustainable And Make Them Exempt From This Limitation. This Shortage Of Affordable Accommodation Has Meant Boroughs Are Increasingly Reliant On Commercial Hotels, With Use Of B&b Accommodation As Ta Beginning To Rise Again After Years Of Sustained Reductions. The Number Of Households Living In Ta In London Has Seen A 51% Increase Over 10 Years From June 2012. This Market Engagement Is To Explore What The Marketplace Looks Like, For A Bespoke Service Such As This One. The Outcome Will Inform The Approach To A Longer Term Tender Going To Market In 2025.