Politicians must consult with landlords before making manifesto promises

The next General Election could see housing become a key issue, as all parties have shown interest in reforming the private rented sector (PRS) but one industry leader is warning that politicians should not make rash decisions without consulting the property sector.

Neil Cobbold, the managing director of PayProp UK, said: “Housing finds itself higher up the political agenda than it has been for many years, and the PRS in particular has been a focus of reform.

“One of the biggest issues facing the entire market is a huge shortage of supply.

“Not nearly enough homes are being built and the cost-of-living crisis and interest rate rises have pushed property prices down, making developers reconsider the profitability of building new homes.”

‘There are challenges across the sector’

He continued: “Politicians from all parties know there are challenges across the sector – but we’re calling on them to listen to what the property professionals – the acknowledged experts – have to say before making manifesto commitments.”

The major political parties have all signalled a strong interest in the private rented sector during the party conference season with various plans for housebuilding and reforming the PRS being mooted.

Mr Cobbold said: “It is no surprise that housing has become a hot topic for politicians – housing affects everybody, and housing reform can often generate positive headlines for them without a big bill for HM Treasury, something all parties are trying to avoid in the run-up to the next election.

“But poorly thought-through reforms could see taxpayers footing the bill anyway, which is why consultation with property experts is essential.”

The Renters (Reform) Bill being introduced

Mr Cobbold points to the Renters (Reform) Bill being introduced, but with the ‘necessary detail to fully inform and equip the industry’ for the future.

He added: “Even more worrying, it was introduced in May, and we have yet to see it get its second reading – there’s been no visible progress for four months.

“It is vitally important that legislators draw on the experience of industry professionals and provide reassurance and sufficient detail on housing reform.

“Without a stable market and well thought-out reforms, it’s difficult for landlords and property professionals to invest in the future of the private rented sector if the laws that govern it are subject to such rapid change.”

Share This Article