Broken Housing Market
For our landlords and our tenants, there’s undoubtedly one news story stealing focus this week - of the announcements made on Tuesday 7th, those concerning changes within the rental market have definitely grabbed our attention.
We’ve pulled together the main points for in a quick update:
> Encouragement for build to let developments
Something that has recently been of great discussion in the rental and property world; build to let properties are underway in many cities already. With a great number, around 4.3 million, now renting in the UK, these properties will play a part in the greater issue of a lack of affordable housing.
> Longer Term Tenancies
This is obviously a welcome announcement for tenants, offering more security in rental properties, however, the Guardian reports that the WhitePaper is ‘limiting longer tenancies to new purpose-built private rented homes’ and that ‘the government has offered renters the bare minimum’.
The question is raised, is this enough, or should there be more done for renting tenants? A move in the right direction - longer tenancies, the November announcement of no fees for tenants, and more rental homes being provided signifies slightly better times ahead for tenants.
Theresa May is moving away from a focus on home ownership which would appear to sit in line with the rising numbers of those now, for many reasons, renting in the UK. This shows a recognition that the housing market requires action as a whole and not just home buyers.