This page provides the results of an analysis carried out by the Greater London Authority of data on average private rents from Rightmove and forecast rent changes from Savills, resulting in estimated savings to renting households if rents were frozen at the levels of December 2022.

With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

The NEZ Program and these boundaries were approved by council on January 22, 2020. Homeowners or landlords of single-family units residing within these boundaries may apply to the program through the Department of Housing and Neighborhood Revitalization. To be eligible, homeowners must earn below 120% of the area median income. Teachers, librarians, healthcare practitioners, healthcare support, firefighters, and police officers may qualify earning below 140% of the area median income. Landlords may also qualify for the program if they agree to an affordability period capping tenant income at 60% of the area median income. Developers of new homes may also qualify if they agree to sell to a buyer who would otherwise qualify for the program.Qualified residents who are approved for the program and invest at least $5,000 into their home will qualify for a freeze on city taxes, meaning any increased property values caused by the repair or the market will not cause the city portion of their taxes to increase. Households receiving repair assistance from city programs, charitable organizations, or other services will also qualify for the tax freeze.This map shows the approved boundaries of the NEZ program, which were determined using the Comprehensive Housing Policy, demographic data, parcel condition data, and feedback from council members and residents for use in interactive online maps for residents and developers.

This data sets out levels of support with housing costs, known as the Local Housing Allowance (LHA) rate, for 2013-14, 2014-15, 2015-16, 2016-17, 2017-18, 2019-19 and 2019-20

The Allowance is set for different property sizes in each Broad Rental Market Area, or BRMA. These are not the same as county or district areas.

The Valuation Office Agency (VOA) completes a six-monthly survey of private rents across England which is used to set the LHA rates. However in 2016-17, many rates were frozen at 2015-16 levels due to national austerity measures. Since them, selected BRMAs have had their LHA rates adjusted, despite the general freeze.

The data comes from the Valuation Office Agency (VOA) and is available online at www.gov.uk. Individuals should seek advice about their individual claims from their local authority benefit team. The VOA provides a search facility to help applicants identify the relevant LHA for them. This search is based on postcode and property size and can be found at http://lha-direct.voa.gov.uk/search.aspx.