12th January 2017
The Rise of the ‘Renty-Somethings’
A recent policy paper issued by the Royal Institution of Chartered Surveyors (RICS) with recommendations for the rental sector in England, highlighted the ‘flat-line’ of owner occupation since the recession of 2007/2008, the decline of the Local Authority rental sector and the dramatic increase of those renting from private landlords and housing associations.
The satisfaction of the growing generation of ‘renty-somethings’ is undoubtedly at the forefront of policy makers’ thoughts, and the recommendation of the RICS is that the private and social housing sectors should be considered as a single interconnected market, with a core goal of increasing the quality and quantity of rented accommodation in general.
To achieve this the RICS lists various actions including institutional investment in the private rental sector, in addition to statutory minimum professional standards for all residential letting agents as well as a legal obligation for them to be members of a recognised professional body.
Matthew’s of Chester already have a commitment to this, having individual as well as company membership of the Association of Residential Letting Agents (ARLA) and the National Association of Estate Agents (NAEA), but also have a proven track record over several decades, of professional assistance and support to the local private rental sector.
The RICS policy paper also states a belief that “a one size fits all approach across England is not conducive to the housing needs of society”. Nowhere is this more starkly highlighted than within the UK House Price Index published by the Government in December, which reports an encouraging annual price increase of 6.9%, but more specifically, an average house price difference of £325,889 between London and the North West.
From our perspective and against the backdrop of a raft of landlord sensitive legislation over the last 12 months, this clearly defines the continued appeal and healthy potential yield of private rental sector properties in this area.
In any event, with quality and quantity as the mantra for the future, tenants and landlords alike will undoubtedly experience long term benefits from these policy aims and a positive year ahead!
Should you wish to find out more about sales, lettings and property investment in Chester and surrounding areas, please contact us on 01244 346226, email email@example.com or visit our website www.matthewsofchester.com
The RICS white paper can be found by the link https://www.rics.org/Global/rented_sector_policy_paper_061216_rt.PDF