By Steve Roulstone
The figures relating to the latest English Housing Survey have been released for 2010 / 2011. There are several results which are worthy for note and for what they are worth I include my thoughts on these highlight points for the Rental Industry. Each of these are included within the report and you can see for yourself they have been reported on in great depth, but what is not mentioned is the fact that these figures when isolated for our Industry, prove that the rental sector shows no sign what so ever in abating, indeed the pattern is shown as one of upwards growth.
Ten Year high.
And growing! I have stated before that I believe the industry represents a figure approaching 20% of the UK housing stock and these figures confirm the growth shown from the last report as being constant. This 17% figure represents an annual growth of 1.7% which with the same pattern for the last eighteen months would produce a current percentage of 19.55% across England. This does confirm more privately rented properties than the social rented sector as that figure continues to fall. But the most significant figure is the actual number of properties this now represents, as 20% would equal 2.89 million houses, up by 1.45 million in ten years. With 5% growth in the last three years, over 20,000 properties per month have been added to our sector during this same period.
Only lively sector.
That the rental sector is the only area where activity is significant is confirmed by the number of people moving during the period this survey was taken. Out of the whole, private rental sector was responsible for 63% (1.26 million) Confirming just how people are relying upon the Private Rented sector at present, as the means to finding accommodation throughout England.
Unusable stock.
One figure that shouts out at present is the number of houses that remained empty at the time of the survey, 940,000 (nearly 1 million!). 83%, some 780,200 properties were in the private sector. On the basis of these last two figures, the best way of utilising these properties and using them again for habitation, knowing that a percentage would not be fit for habitation, would be to introduce them to the rental market and an Industry that was better regulated through professional legislation would no doubt attract more interest!
Rented property better than estimated.
The Standard Assessment Procedure (SAP) has been updated during 2009 and the new rating shows Private Rented sector property to be far better than we have been led to believe. There have been several comments in the last twelve months by the Government supporting initiatives to improve the Energy Efficiency of the Private Rental sector, including one that stated Private Rental property was the worst performing sector in the UK. If this is the case, then these figures show there has been one hell of an increase in quality, as by now it will outperforming Privately owned property!
Shift of emphasis.
Perhaps now the Government will stop introducing so many onerous performance requirements solely for rental properties within the 2018 Green Deal energy performance plans and include moves to encourage ALL privately owned properties, whether they be rented OR owned! There now seems no excuse to target just one sector, and if changes are made, I just wonder if they will be watered down, with the knowledge that the privately owned sector is much harder to corner. I have always felt that the rental sector was targeted because it could be rather than because of any urgent need, as an excellent way of achieving Energy performance figures for to meet Government promised figures!
Healthy statistics.
Yes I know there are statistics more statistics and damn right lies! But these figures do show a continued shift towards renting as a lifestyle choice, as well as the affordable alternative to buying. Otherwise those moving would not be so high in the rental sector, but as an industry, these figures I hope will be used as further ammunition to prove to the current Government, that professional legislation is what is required as the best way forward to breed confidence and higher standards. I equally hope that our professional bodies are ensuring that they are not only requesting legislation, but confirming just how this can be achieved through self Policing within the Industry. I for one live in hope!
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