Rental sector could solve housing crisis
Published: 21-Apr-2008
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The British Property Federation (BPF) has suggested that the rental market could hold the key to the UK's ongoing housing crisis.
According to the industry group, rolling out a large, branded rental market would have a dramatic cooling effect on the owner occupier market - which has seen property price inflation of some 200 per cent over the past decade.
The group was responding to homeless charity Shelter's annual Roof Affordability Index, which found that the average first time property price has doubled from £52,674 to £159,494 since 1998.
In London that acceleration has occurred at an even faster pace, with a 250 per cent rise making the average property worth £260,000.
Commenting on the scope for a professional rental sector that would broadens access to the letting market, BPF director for residential policy Ian Fletcher said that it would "improve accessibility in the current market".
He added: "The professional rented sector is open to all, where as first-time home buying is increasingly only accessible to those with well-off parents who can help with the deposit."
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