Ne 23ws
GOVERNMENT MUST WAKE UP TO RENTAL HOUSING SOLUTION
Key figures from the housing industry met a few weeks ago to debate a strategy for solving Britain’s housing crisis, as new Government statistics show demand for rental is 25pc higher than ownership.
The British Property Federation (BPF), which represents the UK property industry, believes that a professional rented sector similar to that of the USA and Germany could house the millions of people unable to get on the housing ladder.
The BPF held a major conference in London with speakers including Government advisors, companies and Adam Sampson, from housing charity Shelter.
A professional rented sector is where large property managers run domestic lets in a similar fashion to offices, with professional
management and economies of scale enabling longer-term lets and a greater level of confidence from consumers.
POLICY MAKERS HAVE LONG IGNORED THE PROFESSIONAL RENTED SECTOR AS A SERIOUS SOLUTION TO THE HOUSING CRISIS, FOCUSING INSTEAD ON BUILDING MORE HOMES TO BUY.
But with mortgage lenders more reticent to lend, there is no credit for people to buy. And with a million more are now at risk of repossession over the next 18 months, according
to the FSA, a workable alternative to ownership is desperately sought. Even if 240,000 new homes were built this year, it is unlikely that 240,000 people could afford them, as the affordability gap remains.
It is sure to be an item near the top of Caroline Flint’s agenda since becoming housing minister. Many hope the minister will seek to modernise Government thinking and seek to unlock the potential that a professional rented sector has to offer.
Discussion taking place today between the politicians, officials and businessmen representing the industry will look at how and why Government can encourage big institutions to invest in large scale housing for rent.
The fall in mortgage lending and rise in repossessions has created even greater demand for rented accommodation, which has risen 25% above ownership since 2000. House builders meanwhile, have struggled to maintain output, let alone increase it in line with Government targets of 240,000 per annum.
The housing minister outlined the planned review of the rental sector, to be led by Julie Rugg at York University, which was warmly received by all sides.
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