NRLA report gives support to East Midlands landlords

It’s nice to see support for East Midlands landlords in the mainstream media, in the present climate we will take anything!

A report commissioned by the National Residential Landlords Association highlights that the private rental sector plays a vital role in supporting the economic and social life of the East Midlands and the UK.

The report conducted by Opinium spoke to 2000 private renters in England and Wales and here are some of the findings:

    • 76% wish to buy a home of their own at some point in the future.
    • 17% would have bought already if it was possible.
    • 41% of renters rated the affordability at good or excellent.
    • 38% of renters rated the affordability as fair.
    • 37% of renters would buy a home if they had a more stable, secure job.
    • This rose to 50% among renters aged 18-34.
    • Less than 6% of private renters wish to switch to social housing.
    • 48% of renters aged 55 or over said they will stay in the sector.
    • Government statistics state that 53 of owner occupied house are under occupied compared to just 15% in the PRS.

So, what do these statistics tell us in general terms? In spite of the media hype 79% of renters feel they are getting a fair deal or better on their housing costs. 21% are not happy, which is high, but given the high rise in costs for landlords over recent years it is not surprising that some rents have outstripped inflation as landlords try to recover some of these costs.

For many, renting is a stepping-stone to purchasing their own home, be it aspirational or a definite plan as they save up for a deposit. Chris Walker wrote in the report, “For many, the PRS acts as an entry point to the housing market, helping younger people gain their footing and independence when they leave the parental home without the bigger jump and commitment of homeownership. Similarly, the PRS is a mainstay housing option for many younger people whilst at university and for many as they move away from where they grew up to enter the world of work for the first time.”

Of the report Ben Beadle, the Chief Exec of the NRLA said, “Today’s report makes clear the positive and vital role the rental market has to play in the economic and social life of the country.  Contrary to the rhetoric from many, for the vast majority of tenants their experience in rented housing is positive. This is the platform the Government needs build upon to ensure a sector that works for renters and responsible landlords.”

It is good to see support for East Midlands landlords and for the wider community as a fairer deal is sought to make rents more affordable and responsible landlords encouraged to stay in the sector.

If you are a landlord looking for solutions in this present climate then contact us for a no obligation chat.

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