The private rented sector is now more important than ever and will play an increasingly vital role in housing supply as the home ownership crisis deepens, says the report. Difficulties in securing mortgage finance and the shortage of affordable housing means many would-be buyers are turning to the rented sector.
Incentives must be put in place to encourage the supply of quality privately rented homes and policy reforms need to strike a balance that recognises residential property as both an investment and a home.
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The report, commissioned by Grainger and written by Housing Expert Julie Cowans, highlights mistakes of past reforms, which have focused too heavily on regulation and restrictions, rather than on incentives.
The report comes at a time when Government are reviewing the role of the private rented sector.
Rupert Dickinson, Chief Executive of Grainger, said: "It is time for the Government to recognise that past policies have acted as a disincentive for the private rented sector. The punitive approach of yesterday has not created the quality or quantity of homes that the market needs. The policies need to encourage and incentivise improvement and growth. This report suggests some practical ways of achieving long lasting reform that will benefit current and future tenants. If this Government heeds the industry's advice, they will be credited with the revival of the sector."
(CD/JM)
