The current state of the lettings market

Issues in the lettings market have been compounded by extensive regulation, poor Government policies, rising rents and interest rates. Creating many issues for both tenants and Landlords.

There are also concerns about the quality of rental accommodation, with poor standards of maintenance leading to issues such as damp, mould, and fire safety problems (EWS1)

Such issues cost tenants time and money, as well as creating additional stress.

These issues have created a chronic shortage of rental properties, which has pushed rent to record levels. This is particularly the case in areas with high levels of demand, such as central London. However, the trend has been observed in other parts of the country too, meaning that tenants across the UK are feeling the squeeze. With wages often not keeping up with rent increases, this means that many people are struggling to afford a home in their area.

Taking all these factors into account, it’s clear that property now needs to be viewed in regional terms. To ensure that tenants have access to decent, secure, and affordable accommodation, every area needs tailored approaches that take into account local issues and requirements. This will involve a range of solutions on both the supply and demand side, as well as tackling wider problems such as low wages and high levels of debt.

Unfortunately, current government policies have focused on promoting large-scale Private Rental Sector (PRS) companies, rather than supporting individual landlords or small businesses. This approach could end in tears if it leads to a situation where smaller players are pushed out and the PRS has a monopoly over the market. It is important that any policy decisions taken in this area are made with the needs of tenants at the forefront. This means ensuring that they have access to suitable and secure rental accommodation, as well as rights and protections that enable them to live safely in their homes.

To achieve this, the government needs to make sure that any incentives they offer are targeted at smaller landlords and investors. This could include allowing Local Authorities more freedom in offering allowances and easing planning restrictions, as well as encouraging investment into improving existing stock. Ultimately, the aim is to ensure that tenants in every part of the UK can access suitable and secure housing, without having to worry about the protection they are receiving. This will create a better market for everyone involved. If these measures are taken, it could lead to a rental market that is fair and affordable for tenants everywhere, while still providing landlords with a good return on their investment. This could be beneficial both socially and economically, creating a more stable rental sector that benefits everyone involved.