Newark landlords continue to suffer at a time when they should be supported by Government legislation. A report commissioned by the National Residential Landlords Association highlights the massive issues facing the Region (and the whole country) over the next decade. The UK needs almost 230,000 new private rented homes a year to meet government housing targets across the UK, according to a new report by the economics consultancy, Capital Economics.
The report observes that Government targets would amount to the need for 340,000 new homes a year across the UK by the middle of the decade.
Capital Economics finds that if owner occupation and social housing continue at their ten-year average rate of growth, private rented sector supply would have to increase by 227,000 per year to meet government targets and an anticipated 1.8 million new households over the next ten years. It notes that “even if the other [housing] tenures doubled their rate of growth, 105,000 homes for private rental would be needed each year, which is well above current rates of growth.”
The projections come as government figures show that the supply of private rented housing in England has fallen by almost 260,000 over the past five years.
Andrew Evans, Managing Economist for Capital Economics said:
“The private rented sector, which is predominantly supported by private individual investors, has a key role to play in addressing housing need in the UK. However, the stock of homes for private rent has fallen in recent years, driven partly by a series of policy changes. Without further changes, that supply could fall by over half a million more over the next decade. Even with increased provision of affordable housing and higher rates of owner occupation, both of which are important, our research shows that significant additional investment is needed by landlords in the private rented sector.“
As Newark landlords continue to suffer the Government sits on its hands and continues to produce punitive rules and regulations against the only people who can resolve the situation in the short term. It is difficult to understand their agenda as they are nowhere near meeting housing needs across the country. If you are one of these long suffering landlords, then contact us to discuss your options.