Industry News
RSH publishes key findings from its 2023/24 consumer regulation work
Te Regulator of Social Housing has published the annual review of its consumer regulation work for the past year highlighting important messages for landlords to follow in future. Te report provides important learnings
for all social landlords – including councils and housing associations – which they can use to strengthen their approach to delivering the outcomes in RSH’s consumer standards. Te report reinforces several important
points for landlords. Tey must: • Meet all health and safety requirements to keep tenants safe;
• Know the condition of tenants’ homes and have accurate, up-to-date data on them;
• Have an effective complaints handling process in place;
• Engage effectively with tenants and treat them with fairness and respect; and
• Refer themselves to RSH when they find a material issue, or a potential material issue, so it can be resolved promptly if required.
Te report covers the year before the regulator began its new regulatory approach and relates to its previous consumer standards. However the findings and learnings are still highly relevant in the context of the new standards. Fiona MacGregor, chief executive
at RSH, said: “Landlords must take their responsibilities seriously and provide safe and decent homes for their tenants, and treat them with fairness and respect. As the cases in this review show, some landlords have failed to do this. “We have now started our proactive
regulation of the consumer standards, including our programme of inspections, which will help to drive landlords to deliver long-term improvements. All landlords should consider the important lessons in this report as part of their ongoing work to improve tenants’ homes and services. On 1 April 2024, RSH introduced new
consumer standards and started a proactive inspection programme for landlords with over 1,000 homes. It also continues to review landlords’ information regularly and investigate cases that are referred by tenants and other stakeholders.
T
he average advertised rent of new properties coming onto the market has hit a new quarterly record, with the average price
outside of London now £1,314 per calendar month. Te property firm Rightmove says the average
rental prices are 7% higher than a year ago, slowing from a peak of +12% in 2022. Average advertised rents in London have also risen to a new record of £2,661, now 4% higher than last year, compared with the peak of 16% in 2022. Te overall balance between supply and demand
has continued to improve during the second quarter of this year. However, the latest snapshot of the rental market highlights how busy it remains compared to more normal levels seen pre-pandemic – meaning both letting agents and tenants are unlikely to feel any improvements yet. Te number of enquiries each rental property is
receiving from would-be tenants is now 17 which, while it is down from 26 this time last year, it is more than double the eight at this time in 2019. Te slowing in the number of enquiries per
property is driven by more rental properties becoming available, and fewer tenants looking to move. Te number of available properties is currently 14% higher than this time last year, while tenant demand is down 16% compared to last year. However, despite these improvements, there is
still a way to go to reach pre-pandemic supply and demand levels. Te number of available homes to rent is still 20% below 2019, while 22% more tenants are looking to move than in 2019. A recent Rightmove study showed that
around 120,000 more rental properties are needed to bring rental price growth back towards more
8 | HMMAugust/September 2024 |
www.housingmmonline.co.uk
normal pre-pandemic levels of around 2-3%, based on current demand. Tere have been some early positive signs from
the new government regarding improvements in the rental market for tenants. Labour has pledged to get 1.5 million more
homes built, which could improve the availability of rental properties for tenants if some go to the private rented sector, or more tenants can become first-time buyers. Rightmove is also calling for further support
from the government for landlords to encourage investment in the private rented sector, particularly any help with making properties more energy efficient. A balanced approach to the rental market that acknowledges the importance of landlord investment will ultimately benefit tenants, providing them with a broader choice of higher-quality homes. Rightmove’s Director of Property Science
Tim Bannister said: “With 17 enquiries for every available rental property, the market remains out of balance and difficult for tenants. We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market. “Tere is an opportunity to encourage
landlords to continue to invest in good quality homes, for example through tax changes, incentives to help with energy-efficient upgrades or a general sentiment change in government towards working alongside and with landlords. Landlords have previously told us that the government’s perception of landlords is one of their main concerns about the sector. Support for both tenants and landlords will be key to achieving long-term stability in the rental market.”
Private rents hit new record high, as average property receives 17 enquiries
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