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National Landlords Association

National Landlords Association. Country Report: United Kingdom David Salusbury UK Vice-President UIPI Chairman, UK National Landlords Association. Historical Background. Early 20 th Century The private rented sector accounted for 90% of UK housing stock in 1900

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National Landlords Association

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  1. National Landlords Association • Country Report: • United Kingdom • David Salusbury • UK Vice-President UIPI • Chairman, UK National Landlords Association

  2. Historical Background • Early 20th Century • The private rented sector accounted for 90% of UK housing stock in 1900 • Very little regulation of landlords • Rent Act 1915 ensured tenants were not exploited during war time shortages • Rent control in the 1960s • Rent Act 1965 saw the introduction of ‘Fair Rents’ • Private rented sector shrunk to 7% • Changes of the 1980s and 1990s • Thatcher Government aimed to rejuvenate the sector • Housing Act 1988 created the Assured Shorthold Tenancy (AST) • Housing Act 1996 made ASTs the default tenure of the private rented sector • Advent of Buy-to-Let (BTL) Mortgages allowed the sector to grow significantly

  3. The UK Private Rented Sector • The Private Rented Sector • Comprises 14.2% of UK housing stock • 3.1 million private rented properties • Around 1.4 million landlords • Property Facts • 82% of tenants satisfied with their accommodation • 40% of rental properties built before 1919 • 30% of all tenants are single-person households • Tenant Profiles • 66% have been in their property for under one year • 59% expect to become home-owners

  4. New Government, New Directions • New Government, New Directions: • National Register of Landlords scrapped • Mandatory written tenancy agreements and model AST withdrawn • Planning Permission for new Houses in Multiple Occupation (HMOs) no longer required nationwide • Taxation: • Capital Gains Tax (CGT) linked to Income Tax from June 2010 • Increase in Value Added Tax (VAT) from January 2011 • Housing Benefit: • Reducing the Housing Benefit budget is a key Government policy • Local Housing Allowance (LHA) rates reduced in April 2011 • Further reductions coming into force in January 2012

  5. Current Legislative Issues • Energy Efficiency • UK Government taking climate change very seriously • Existing energy efficiency schemes have not been successful • The ‘Green Deal’ will provide energy efficiency improvements at no up-front cost • ‘Localism’ • Government giving more control over housing policies to Local Authorities • Article 4 Directions require planning permission before landlords can let HMOs • Licensing schemes require landlords to get certificates • Competition with Social Housing • Reforms will allow social landlords greater scope in choosing tenants and increasing rent levels

  6. The Outlook for the Private Rented Sector • Useful Statistics • Private Rented Sector to reach 20% by 2020 • The average graduate cannot afford to buy until they are 43 • Housing Benefit reforms will require an extra 88,000 HMO bed spaces • Increased Availability of Mortgage Finance • Buy-to-Let finance decreased significantly over recent years • Mortgage finance constraining landlord’s ability to increase their portfolio’s • We are seeing increase in product availability but Loan-to-Value (LTV) levels very high • Raising Standards • Landlord Accreditation is key to improving management standards • Self-regulation with suitable financial instruments will improve property conditions • Local authorities should be targeting rogue operators not regulating good landlords

  7. Thank You • National Landlords Association • 22 – 26 Albert Embankment • London SE1 7TJ • United Kingdom • + 44 (0) 207 840 8900 • Info@landlords.org.uk • www.landlords.org.uk

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