Homeless charity Shelter claim that rents in private residential property are now unaffordable in 55% of local authorities in England.This is at the same time as the charity are calling for tighter regulation of landlords through costly licensing schemes.
Thankfully Housing Minister Grant Shapps recognises that we can't have our cake and eat it saying that "We have stopped the imposition of excessive new red tape on the private rented sector, which would have pushed up rents and reduced choice for tenants,"
The nature of the residential letting market is that it is incredibly responsive and competitive. Unlike most industries which have limited competition in terms of suppliers, the PRS has thousands of individuals providing the service in a given area, all competing on price and service.
But thanks Shelter for pointing out the the UK is struggling with extreme economic pressures on the nation and individual households.
Read more on Shelters claims here
Discounted landlord insurance from Alan Boswell
With very few of the public able to afford to buy a property (or even get a good deal for selling), renting is the only option. If this becomes unaffordable, the industry will be on its knees.
ReplyDeleteSophie Hobson, deputy editor LondonLovesBusiness