Brandon Lewis the government's housing minister, announced they will be introducing a new PRS (private Rented Sector) code of practice at the recently held RESI conference in Newport. He claims the code will help new and existing landlords to improve their knowledge and standards of housing.

Lewis also claims that their research shows that the PRS' s annual worth is more than £32 billion.

On the government's website it states that:

This cross-industry code is intended to promote best practice in the letting and management of private rented sector housing in England.

The aim of the code is to ensure:

good-quality homes for rent
consistent and high standards of management
choice for the consumer.

Lewis said at the conference: “The private rented sector plays a vital role in our housing market, providing a flexible option for millions of people across the country. The last thing we want to do is strangle it in red tape – but tenants and landlords should have confidence that they will be treated fairly.

“Today’s package of measures is designed to do just that, putting power in the hands of people to get the deal they serve, without punishing the vast majority of good landlords while still encouraging more investment in the sector.

“I would urge all landlords to take account of the new code of practice and look to offer our model tenancy agreement – while today’s Build to Rent deals demonstrate how committed we are to getting homes built specifically for this market.”

Ian Fletcher, Director of Policy at the British Property Federation, one of 17 organisations took part in the build of the  code, said: “As the private rented sector grows, it is coming under more and more scrutiny, and it is important that good practice is constantly encouraged and promoted."

 

The research says that the PRS market  is experiencing a boom period and that the £32 billion revenue comes down to a hefty £2.7 billion going into landlords' bank accounts every month.