Move to bring institutional landlords into letting sector

News Category: Industry News

With collaborative politics the name of the game, a coalition of large landlords, lenders, property investors and surveyors has formed.

It is campaigning for more house building, with construction aimed at expanding the private rented sector.

The new Property Industry Alliance believes many people have given up all hope of being able to buy their homes.

One of those involved in the campaign, Andrew Stanford, head of residential at Cluttons, said: “It is clear that institutional investment in the PRS could be a key contributor to solving the UK housing crisis.”

The PIA wants the Government to alter the tax system to encourage large-scale housing development by institutions such as pension funds and insurance companies.
 
The new Alliance includes the RICS, CML, British Property Federation, British Council of Shopping Centres and British Council of Offices.
 
Liz Peace, chief executive of the British Property Federation, said: “The public are bored with countless political promises to fix our housing crisis, and while there is no silver bullet, it’s clear that we need to look at new avenues of finance.”
 
Mark Goodwin, director of external affairs at the RICS, said: “Action must be focused on ensuring that renting becomes a tenure of choice rather than a poor substitute for owning a home. A combination of increased investment and effective regulation can help show that the private rented sector can offer a realistic alternative to owner occupation.”


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