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Generation Rent or Buy?
20 November 2015
The term ‘Generation Rent’ has entered the public conscious a long time ago, with an approximate 9 million tenants in England alone at the moment. Many foresee this trend to rent rather than to buy to last, including accountancy firm PricewaterhouseCoopers (PwC) who released an economic report this summer, forecasting an additional 7.2m tenants to flood landlords over the next fifteen years.
Not so Prime Minister David Cameron and his government. In his speech in front of Tory delegates at this year’s party conference, he promised to turn ‘Generation Rent’ into ‘Generation Buy’ by 2020. As part of his ‘national crusade to get homes built’ a new Housing and Planning Bill has been published in October. It could force local authorities into earmarking land for starter homes.
If local authorities fail to do so, the government would then be able to push housing schemes through the planning progress effectively being able to overrule local councils. The bill also includes that new housing schemes on brownfield land could receive automatic planning permission.
In a further attempt to crack down on rogue agents and landlords, the bill also aims at enabling local authorities to blacklist those that do not comply with the law or even to ban them. The government already introduced legislation last year that requires Letting and Property Management Agents to be a member of a property redress scheme like the PRS, ensuring consumers have access to fair and equal redress in case of complaints.
The new bill is currently at Committee stage in the House of Commons. Total Landlord Insurance will publish any updates on the website and on the Social Media Channels.