As the year comes to an end it is always time for reflection and 2022 has brought its fair share to reflect upon.
Another year of changing legislation for those in the private rented sector to keep abreast of. A time of uncertainty in the economic climate and a shifting political scene for those in policy to navigate.
An interesting year you could say and one that I would say has never been busier for Pennington. In my 30 plus years in the lettings sector, I believe the past few months alone have been the busiest I have ever known. We have had record enquiries and applications from prospective tenants and if the national view is that demand is settling, we are certainly not witnessing that locally. Our record of calls and online enquiries was off the scale for November and December is looking similar.
This is all great news for the many landlords we look after as their property is in huge demand and we can match the ideal tenants to them and look after them throughout their tenancy. What is less ideal is all those tenant applications that have been unsuccessful. Housing has always been emotive, we are all looking for more than a roof over our heads, it’s our sanctuary and for many it is a long-term commitment, so it is a tough outcome.
Quite simply we need more housing in the private rented sector and it is down to the Government to make that happen. They must look at solutions that support landlords, not place more burden on them. The economics must be attractive to landlords – whether professional landlords who hold muti-property portfolios or those who are accidental landlords through inheritance or when households combine. The majority of landlords in this country own one or two properties they let, often as an option for pension provision and on the whole they have excellent relationships with their tenants through their letting agent or directly. There are individual rogue landlords of course, and as we hear about them in the headlines, they taint the sector.
So, if I had one work wish for 2023 it would be that policy makers do everything they can to support the PRS – it accounts for about 20% of all housing in this country so can’t be treated lightly. It needs supporting and the landlords who provide this much-need housing need support in the way they are treated. I would encourage any policy makers to come and join our Pennington team for a day to hear first-hand what it is like for those looking for their next home, how much that means to them and how hard it is for my team to let applicants know that they have not been successful – as simply there are not enough properties.
I think that would have quite an impact and they would gain great understanding that you cannot over-burden those who provide this property.
This just leaves me to wish you all a very happy and prosperous new year and if you are interested to see any of my previous articles, they are all available on our pennington-online.co.uk website in our helpful advice section or as always please do not hesitate to call.
Managing Director / ARLA Propertymark Advisory Board
Tel: 01394 337590