The release of the Government white paper addressed many of the salient areas required to tackle the current housing issue and how this can be improved to increase the housing stock across the UK.
It’s positive to see that the white paper addresses the full range from social housing to private rented property and sales. The key change is Government’s public acknowledgement that the Private Rented and Build-to-Rent sector will form a key role in the housing plan going forward.
This paper marks a significant shift away from the Government’s usual rhetoric around house ownership, and is an important recognition of the vital role this sector can play in providing affordable and secure housing for all.
Sadiq Khan, London’s Mayor, estimates the UK must deliver between 225,000 and 275,000 homes every year to meet the growing housing demand. Yet for many, because of, planning conditions and affordability issues, for example, there continues to be a heavy reliance on the rental sector.
The Government recognise this, and plan to introduce special measures to support the development of the PRS sector and encourage institutional investment. This includes reducing planning time, exploring alternative forms of construction, supporting longer tenancy lengths and assessing density issues – all welcome changes.
Ultimately the measures proposed in this white paper are sensible and can only be deemed a positive… watch this space!
As professional property managers, it’s our responsibility to help grow the PRS & Build to Rent market and work tirelessly to achieve the best possible tenant experience and return for our clients – increasing tenant satisfaction and retention.