The private rented sector is the second largest supplier of homes in England and the BPF’s (British Property Foundation) Housing Survey calls for a purpose- built private rental sector.

 

The survey states that people between the ages of 25 and 34 are most likely to be renting their home rather than buying it.

Because of this widely reported fact the BPF calls for a funded built -to rent sector is established, with a code of practice that will radically improve the standard of private rented homes and vastly  increase the numbers of PRS homes.

The BPF fully supports the government’s initiatives to increase the build to rent sector, however they believe that whoever is in government after May, must keep up the momentum and improve upon the past measure to stand any chance of easing the housing crisis.

The 2013/14 English Housing Survey showed that for that year 4.4 million households (19%) were living in privately rented accommodation. The figures for the same period for social housing households was 3.9 million (17%) and 14.3 million (63%) for owner occupiers. In the previous year 2012/13 those who rented privately was 18% and in 2003 it was only 11%.

 

Practically half (48%) of all households within the 25 to 34 age bracket in 2013/14 privately rented their homes, an increase of  3% from the previous year. Since 2003/04 the numbers of households of this age group in the PRS, has more than doubled from 21% and owner occupiers within 25-34 have significantly decreased from 59% to 36%.
 
Melanie Leech, chief executive of the British Property Federation, said: “The UK is facing an acute housing crisis, and at the same time we are seeing a significant change in the way in which the population is living. The build-to-rent sector is an obvious solution to this. Not only does it offer steady and attractive yields for institutional investors, but it will also provide high-quality, much-needed accommodation for those who are unable to step on to the housing ladder. We hope to see the next government continue to support the sector and encourage its growth.”