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NLA attacks letting market plans

Friday, 2 May 2008 12:50 AM

The National Landlords Association (NLA) has attacked plans for the adoption of a large institution-driven, US-style branded rental market in the UK.

The organisation - which represents 14,000 individual landlords - claims acceptance of the plans would leave the vulnerable "out in the cold".

The NLA claims proposals to incentivise large institutions to invest intensively in rental accommodation have the potential to skew the private-rented sector away from a diverse housing market designed to meet different needs and budgets.

"We should be wary of calls to mirror the US housing market here in the UK, especially since there are few similarities and the US housing market is suffering considerably," said NLA chairman David Salusbury.

"We need to focus on developing the UK rental market around its own specific needs and circumstances."

Many renters may well be disinclined to agree with Mr Salusbury, with research from buy-to-let mortgage broker Paragon revealing rent is now at an all time high.

With the global credit crunch continuing to affect tenants and homeowners alike, the NLA believes the sensible aim of investment incentives should be to cover the full range of investors in the private-rented sector, including professional private landlords and institutional investors alike.

By ensuring the rental market is open and diverse, the government can be confident the lower end of the market, housing the most vulnerable in society, is not discounted for being 'low-profit'.

"Encouraging a diverse UK rental market, including encouraging professional private landlords, will enable choice that will benefit consumers," continued Mr Salusbury.

"Where is the evidence that large corporate investors are concerned about developing housing for the more vulnerable groups in society? Or will the focus only be on the high-profit areas of the market, as their shareholders might expect?"

Chris O'Toole

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