As the first signs of Spring start to appear in our gardens and parks, we’re getting a sense of the outlook for the private rented sector in 2018.
It’s clear that the market will continue to be a focus in Westminster again this year. During the cabinet reshuffle last month, responsibility for Housing was passed to a cabinet minister in an expanded role for the Secretary of Communities and Local Government, effectively making Sajid Javid one of two new housing ministers appointed in January – with Dominic Raab replacing Alok Sharma as Housing Minister after just seven months in the role.
Meanwhile there were renewed calls in January for a database of rogue landlords, and further suggestions that legislation giving rights for tenants to take legal action if their home fails to meet certain standards could be introduced.
Haybrook welcomes this positive move, but we would also encourage the government to go further – by introducing wider regulation across the industry. We support the introduction of sensible, progressive regulation, and agree that every tenant should expect to live in a safe, secure and decent home. Of course, good quality and well-maintained homes can command higher rents, will often let more quickly, and should grow in value.
Indeed, the most recently released market statistics from both the Office for National Statistics and HomeLet have revealed a positive start to 2018 for landlords with growth in rent payments, as well as continued growth in average property values. Therefore, whether you look to your investment property to provide a source of income, or you’re hoping for capital growth, the early signs from 2018 is that the private rented sector will continue to deliver positive returns.