Rental market squeezed by lack of available property to let.
With over four million households renting through the Private Rental Market (PRM) it is a sector that has seen huge growth over the past ten years. The number of privately rented properties has more than doubled in this time and the government has been put under increasing pressure to address concerns over standards and affordability.
In the manifestoes published by both the Conservative and Labour parties the response to housing shortages currently faced in the UK would be tackled with very differing approaches.
The Labour party plans to introduce a number of measure including a tenant’s rights charter and to significantly invest in social housing. Outlining his secure homes guarantee Corbyn’s states;
The “Tenants’ Rights Charter will offer greater protections for “generation rent” by ensuring secure tenancies; outlawing letting agents administration charges; preventing unreasonable rent increases during tenancy and in between contracts; strengthen tenants rights to protect them from unfair evictions; and ensuring that properties in the private rented sector should be subject to a national standard to hold landlords to account over poor or unsafe living conditions. We will bring decent standards to the private rented sector, including ensuring homes are properly insulated. “
The Conservative manifesto in contrast looks to solve the housing crisis by making home ownership more affordable. They hope to achieve this by significantly increasing the number of new homes built by private investors and to work with social and municipal housing providers to build high quality homes for all. They hope that by increasing housing stock the market will respond accordingly and the cost of ownership will reduce. The knock-on effect of this will be that the cost to rent will also reduce, making mortgage and rental payments more affordable and ensuring families are better off in the long term and making home ownership a possibility for all that want it.
With more renters than ever before, either by choice or because of the cost of home ownership it is too high, it is clear that these issues are going to remain a priority for whichever party comes into power following this Junes general election.
Laura Fiddes-Baron – Lettings Manager, Robert Oulsnam and Company states;
“With demand exceeding supply quite dramatically at the moment, the rental market is crying out for more property to be available. We let 10 properties in 24 hours this week, which shows just how hot the market is. Whichever party comes into power – this issue needs to be addressed”