Rented accommodation for MPs would save £1m a year

Forcing MPs and Lords to rent London accommodation rather than buy second homes would save the taxpayer over £1 million a year.

Research by SmartLandlord.co.uk found that renting a studio flat in Westminster costs an average of £177 less per month compared to buying.

With 1,372 tenants from the House of Parliament and the House of Lords, rented properties would be £1,267,399 cheaper for the taxpayer.

SmartLandlord.co.uk said the figure was a conservative estimate and did not take into account additional claims for expenses.

“The saving should be even larger assuming parliamentarians have less scope to charge for renovations or flipping,” said Keshav Thukaram, managing director of the website.

However, Thukaram warned that there are not currently enough rental properties available in Westminster to house all MPs are Lords, so if the government opts for enforced renting, rental prices in the area will rise.

“With 646 MPs and 726 Lords looking for rental properties, we’re going to see a dramatic increase on rents in the local area,” Thukaram said.

“The increases in rents should be good news for local landlords.”

Tory leader David Cameron recently announced that Conservative MPs will only be allowed to rent second homes.

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