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Sky-high London rents costing families extra $383 a month

Xinhua | Updated: 2018-08-14 19:17
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People walk past a building in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls

LONDON -- Soaring rents are costing London families more than 300 pounds (some $383) extra a month compared with eight years ago, reports said Monday.

One million private renters are having to find 3,600 pounds ($4,595) a year more, costing households 3.8 billion pounds ($4.85 billion).

The scale of the squeeze was revealed in figures produced by the Labour Party, the major opposition party in Britain, to support its policy of rent controls.

The Residential Landlords Association said Labour's policy would "stifle investment," making it difficult for people to find a decent place to live.

Labour leader Jeremy Corbyn has said he would make three-year tenancies the norm, and cap rent rises in line with inflation.

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