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Local Authorities Urged To Build More Private Rental Sector Properties

Local Authorities Urged To Build More Private Rental Sector Properties

Local Authorities Urged To Promote Institutional Investment In Private Rented Sector Over Home Ownership

According to the report “Making Renting Viable“ commissioned by the British Property Foundation (BPF) and conducted by a leading London law firm; more UK local authorities should focus on building new residential properties for the private rented sector to encourage institutional investment instead of promoting local homeownership.

The British Property Foundation and Addleshaw Goddard who conducted the survey, reckon that UK local authorities should earmark land within their council boundaries for private rented sector (PRS) properties and set housing development targets to encourage pension funds and other institutions to invest more in the private rented sector.

Partner at Addleshaw Goddard, Marnix Elsenaar, said: “It’s vital councils recognise both the need for an institutional private rented sector that’s not the same as buy-to-let, while ministers should update planning guidance to make building for rent economically viable. Residential property was seen as more difficult than renting out a commercial office block, but the landscape has changed. Institutions want reliable, long-term returns and they should see a good degree of income growth in the private rented sector.

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