East Midlands landlords look like they will continue to suffer as a result of Government’s proposed Rental Reform White Paper. Many landlords in the region, particularly in Nottingham and Lincoln rent their properties to students.
Under the plans, included in the Government’s Rental Reform White Paper, all student housing, with the exception of purpose-built blocks, will be subject to open-ended tenancies. This move means landlords are unable to guarantee that accommodation will be available for the start of each academic year, unless sitting tenants have handed in their notice to leave. Students looking for housing will be unable to plan in advance where and with whom they want to live. New data from the National Residential Landlords Association reveals that 84 per cent of landlords renting to students are concerned about the Government’s plans. One landlord told the NRLA: “I let solely to students. The end of fixed term Assured Shorthold Tenancies will bring chaos. We will have no guarantee that existing tenants will leave and therefore won’t be able to let properties in advance.”
Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “The student housing market works unlike any other, operating from one academic year to the next. It is common sense that landlords should have certainty that accommodation can be made available for new students each year, as has already been reflected for the Purpose-Built Student Accommodation sector. Without changes the Government risk causing chaos, confusion and anxiety for students unable to plan where they live for the start of each academic year.”
According to official data, 53% of students in the UK in rental properties do not live in halls of residence or other university provided accommodation. This is yet another attack on the private rental sector in favour of the big Corporates and Universities who provide the exempt blocks. The Governments blind focus in alienating this sector is driving many landlords out of the sector entirely adding to the housing crisis.
If you are one of the many East Midlands landlords looking for solutions to the current and proposed legislation then contact us for a no obligation chat.
