Rental market 'can solve affordability issues'
The rental sector could hold the key to the housing affordability problem, it has been suggested.
The British Property Federation (BPF) has said that developing a larger private rented sector would ease the strain on the owner occupier market, which has been besieged by rampant house price inflation in recent years.
Last week, homeless charity Shelter published new research which showed that the average price of a property in the UK has risen by 200 per cent over the past decade alone.
That has resulted in many first-time buyers being completely priced out of the market and has buoyed the popularity of rental properties, which BPF residential director Ian Fletcher said are now 30 per cent cheaper.
Commenting on the scope for a professional rented sector akin to that of the USA or Germany, Mr Fletcher went on to say it could make a real difference in opening up the market.
"The professional rented sector is open to all, whereas first-time home buying is increasingly only accessible to those with well-off parents who can help with the deposit," he concluded.
Published 21st April, 2008
© 2008 Estates IT Limited
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The rental sector could hold the key to the housing affordability problem, it has been suggested.