Sir Adrian Montague has published his report which makes several suggestions for speeding up the building of private rented homes to meet growing demand. These proposals have been welcomed by Housing Minister Grant Shapps who says the report offers a blueprint for more institutional investment into the sector.
The report demonstrates that there is great potential for professional organisations to invest in large-scale developments of homes specifically for private rental. At present most private rented properties in this country are managed by or on behalf of individual landlords such as our landlord insurance clients.
The recommendations include:
• Councils should use flexibilities in the planning system to enable developments of privately rented homes where they can meet local need. This could include waiving affordable housing requirements on new developments of homes being built specifically for rental.
• A task force should be set up to encourage and support build-to let-investment from the private sector.
• The Government should consider initiatives to encourage new builds, including sharing the development risk in the short term.
• Redundant public sector land to be earmarked for build-to-let.
• Councils to work with the Government to identify suitable sites where there is a demand for rental housing and make them available to developers on condition that a proportion of the new homes are rented out to tenants.
If you are interested in learning more about the proposals you should visit the communities.gov.uk website.