This follows new figures from City Hall which have revealed an increase in housing inequality between older and younger Londoners.

The data found that home ownership rates among younger Londoners had fallen dramatically since the 1990s, and with a lack of social housing, only one-fifth of London households now live in social homes.

The 2018 ‘Housing in London’ report revealed that under the Right to Buy scheme, more than 300,000 homes were sold by councils in London since its introduction, with just one in five being replaced.

As a result, social housing has gone from being the largest housing tenure in the capital in the 1980s, to the lowest in 2017, making up just 21% of London’s households.

•   69,000 FTBs benefit from stamp duty cut
•   New London estate regeneration rules come into force
•   Sadiq Khan urges government to help protect London pubs

“London's housing landscape has worsened dramatically over the past 30 years, and we now risk a whole generation of Londoners being blocked from enjoying the benefits of a good quality, genuinely affordable home,” said the mayor of London.

“This data shows that accessing social housing or home ownership is now a pipe dream for too many.

“London’s rocketing house prices mean we are contributing billions of pounds in stamp duty to the Treasury, when we could be using it to build new social rented and other genuinely affordable homes. 

“Control of stamp duty has been devolved to Scotland and Wales and it’s vital that ministers devolve it to London too, which has a population larger than Scotland and Wales combined.”