UK would be open to US-style rented sector if attitudes changed

News Category: Industry News

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The British Property Foundation (BPF) has recommended a US-style professional rental sector to the government, as a solution to ongoing residential accommodation problems in the UK.

As the Association of Residential Letting Agents' quarterly survey of the buy-to-let landlords sector revealed that demand for rental still outweighs supply, the BFF suggested a professional sector managed by large companies rather than individual landlords could lead to greater consumer confidence and longer-term lets.

The BPF based its recommendation on a recent report by global real estate service provider Savills, which suggested changing attitudes towards renting by UK consumers could pave the way for change.

Director of Savills Jacqui Daly commented: "The tradition of going from education to full-time employment to getting on the property ladder has been watered down. Now people are looking to rent forlonger periods of time and don’t want the burden of owning a house."

Recent figures published by the Council of Mortgage Lenders showed that the number of buy-to-let landlords rose 23 per cent in the last year alone, with over one million now operating within the UK.

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