The full details of the Housing White Paper will be thoroughly analysed but in summary Sajid Javid told MPs that “we’ll improve safeguards [for Tenants] in the private rented sector” through the promotion of three year Tenancy Agreements which “will give families the security they need.” In addition, Build to Rent properties will have three year Tenancies as standard.
Let Leeds Managing Director, Luke Gidney, made the following comments: “We are happy to see that the new Housing Minister is taking the private rented sector seriously and has recognised that the rental sector has a huge role to play in the provision of quality housing.
The rented sector should be a mix of private Landlords and institutional Investors, not one or the other. We should not be penalising small Landlords with huge tax increases in favour of creating an institutional rented sector.
In regards to lengthening Tenancies we are fully on board. We much prefer long term Tenants in our properties as they provide security to our professional and family Tenants. I’m sure there will be demand for 3 year Tenancies, but also we need to accommodate those that want short 6 month Tenancies, of which there are many. Renting provides flexibility to Tenants and some Tenants prefer the flexible nature of short term 6 month furnished Tenancies. We would be keen to provide both options to Tenants.”
We have selected some key points that we feel may affect our Investors, Landlords and Tenants.
1. Encouraging more institutional Investors into the housing industry, including for building more homes for private rent and promoting longer term, family-friendly Tenancies.
2. Supporting small and medium-sized builders to develop, including through the Home Building Fund.
3. Making renting fairer for Tenants.
4. Improving neighbourhoods by continuing to reduce empty houses and supporting the areas that are most affected by second homes.
5. Encouraging and supporting developers to build properties at a quicker pace by confronting unnecessary delays caused by poor planning conditions, the strategic licensing of protected species and investigating a new approach to how developers contribute to infrastructure.
6. Holding local authorities to account through a new housing delivery test.
7. Enhancing the capacity and ability of local authorities to deliver proposals, improve the speed and quality with which planning cases are handled, whilst preventing unnecessary appeals.
8. Increasing the land available for homes in the right locations by making best use of brown eld and surplus public land, regenerating estates, using more small and medium-sized sites, allowing rural communities to expand and making it easier to build new settlements.
9. The White Paper proposes to ensure that every part of the country has an up-to-date, appropriately ambitious plan so that local communities can make the decision as to where developments should go.
10. Ensuring infrastructure is provided in the right place at the right time by best allocating Government investment and through utilising the £2.3bn Housing Infrastructure Fund.
Luke Gidney comments “it would be great if the UK adopted the measures outlined in the White Paper to create efficiency in the planning process which seems to be archaic at present. We feel the need to remove the red tape and bureaucratic nature of the planning and development process will make it easier for small and medium builders to provide housing that is so desperately needed.
Whilst the White Paper puts forward some fantastic ideals, we await with anticipation the real detail needed as to how these measures and objectives will be achieved.”
Let Leeds has a range of buy-to-let and rental properties available. To see our full listing click here. Or if you would like to find out more about how this White Paper may affect you, please call our office on 0113 320 2000.
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