Politicians meeting at party conferences this week are being urged to listen to property professionals before setting policies about the private rental sector.
Neil Cobbold, managing director of PropTech service PayProp UK, says: “Housing finds itself higher up the political agenda than it has been for many years, and the private rented sector in particular has been a focus of reform.
“One of the biggest issues facing the entire market is a huge shortage of supply. Not nearly enough homes are being built and the cost of living crisis and interest rate rises have pushed property prices down, making developers reconsider the profitability of building new homes.
“Politicians from all parties know there are challenges across the sector – but we’re calling on them to listen to what the property professionals – the acknowledged experts – have to say before making manifestos.”
Cobbold, who is attending both this week’s Tory conference and next week’s Labour gathering, continues: “Over the past year we’ve seen legislation in the form of the Renters’ Reform Bill finally being introduced, but it lacks the necessary detail to fully inform and equip the industry for the future.
“Even more worrying, it was introduced in May and we have yet to see it get its second reading – there’s been no visible progress for four months.”
Last week, just after Parliament rose for the conference season, the government scrapped plans to introduce tougher minimum energy efficiency standards for all privately rented homes by 2028.
“This last-minute change penalises the investors who plan ahead to, literally, get their house in order. Decisions like this encourage the industry as a whole to leave everything until the last minute just in case the government changes its mind” Cobbold claims.
“It is vitally important that legislators draw on the experience of industry professionals and provide reassurance and sufficient detail on housing reform. Without a stable market and well thought-out reforms, it’s difficult for landlords and property professionals to invest in the future of the private rented sector if the laws that govern it are subject to such rapid change.”
