The Private Rented Sector is a vital and growing part of the UK housing market, representing around 14% of all households in England, or around 3 million homes. The Government is keen to ensure that the sector plays its part in meeting the UK’s housing needs.
Commenting on the publication of the consultation document, the exchequer secretary to the Treasury, Sarah McCarthy-Fry said: “The Government has provided significant support for the housing sector through the downturn, with around half of all new builds in the last 12 months having benefited from government support.
“But the recent housing market downturn has had a significant impact on housing supply, and as our economy recovers we need to ensure that we look to all areas of the housing sector to meet these pressures.
“The Private Rented Sector has been the most affordable, flexible and responsive segment of the market. We need to build on this to ensure it can play its part in supporting the recovery and meeting these urgent needs.
“The consultation we are launching today will ensure that we fully understand the contribution the PRS can make, and identify any substantive barriers to investment.”
This Treasury consultation is complemented by the Communities and Local Government policy statement “The Private Rented Sector: Professionalism and Quality: consultation responses and next steps” also published. Taken together, steps to raise quality and identify any barriers to investment should reinforce each other and create a better private rented sector that can become the tenure of choice for a wider range of people.