Where do the candidates stand on housing? What you need to know about their policies

New housing stock and improved rental practices: these are the two main housing policy areas on which the mayoral candidates are campaigning.

Homes for London, the campaign initiated by charity Shelter, estimates a need for a minimum of 33,400 new London homes each year.

So how do the candidates compare?

House building

Boris Johnson plans to deliver around 55,000 affordable homes by 2015, whilst Ken Livingstone's manifesto claims that London needs 35,000 homes a year and commits to greater levels of home construction, stopping short of committing to a specific figure. Livingstone also undertakes to restore a 50 per cent affordable homes target for these new properties.

Brian Paddick does have a specific construction figure in mind, aiming to build 360,000 homes over the next decade, trumping the Labour and Tory goals, although whether he would be able to squeeze an extra 40,000 homes out of spaces above shops or bring 50,000 empty homes back into use will prove contentious. Jenny Jones has a more modest commitment to build at least 15,000 affordable homes annually, with at least 40 per cent of them family-sized.

Rental practice

There is a clearer dividing line over rental practices. Ken and Brian are campaigning to set a form of 'living rent', with Jenny pledging to lobby for reduced rents, whilst Boris opposes rent controls, arguing that they deter investment into housing and ultimately drive up rents over the longer term.

Boris and Brian favour accreditation of well-behaved landlords whereas Ken and Jenny favour lettings agencies - in Ken's case, a dedicated 'London Lettings Agency'; in Jenny's, an 'Ethical Lettings Agency' with the ability for tenants to leave feedback online. It looks doubtful any of these initiatives would differ wildly in practice.

First-time buyers

The two leading candidates have also paid attention to helping first-time buyers onto the ladder, with Boris announcing a boost to the 'First Steps' programme, as well as promoting the 'Mortgage Guarantee' to help address the issue of high deposits - although this is a central government policy that would apply regardless.

Ken undertakes to investigate such programmes, as well as change the London Plan - the Mayor's planning strategy - to include greater provision for people to take equity stakes in affordable new homes. Boris also plans to look into 'rent to save' schemes to enable people to build equity through rental payments.

Developing GLA assets

Both of the main candidates examine the process of releasing GLA land and assets for further development. Ken includes some creative measures such as releasing land on a long-term equity-share basis to developers and housing associations, to ensure London profits from the divestments, whereas Boris plans to publish a list of all GLA assets, and streamline the process around putting them out to tender.

Verdict

Nobody likes bad landlords and it's undoubtedly a smart measure to introduce better standards for rental practices in the capital. Yet lack of supply is the single largest factor in lack of house price affordability, and although all the major candidates have staked their ground with house building initiatives, the proposals are light on detail. High hopes with low expectations are the order of the day.

You can compare the candidates' stance on housing policy here.

...or see their manifestos here:

Boris Johnson (Conservative)

Ken Livingstone (Labour)

Brian Paddick (Lib Dem)

Jenny Jones (Green)