Richard Connolly, Chief Executive Officer at Rentplus, comments on the Local Government Association’s housing commission’s preliminary findings paper which was published today: “These recommendations from the LGA are a breath of fresh air. The housing affordability crisis is endemic across the UK which means councils now need to look to new ways to satisfy growing demand for affordable homes. We are delighted the LGA has recommended that councils should focus on stimulating new building and consider innovative affordable housing products such as rent-to-buy to do so. It is time to think outside the box but councils need help from multiple sources. New delivery structures, such as those fully funded by institutional investors, can help councils deliver more housing in their area and provide certainty to underpin housebuilders’ developments. In the post-Brexit aftermath, which has catapulted the UK into a period of uncertainty, this is crucial for boosting confidence in the sector.
“Our belief is that mixed tenure communities, offering a range of housing options to suit different needs, including rent-to-buy, are crucial to building a strong and sustainable UK property market. Affordable rent-to-buy homes provide a viable and complementary alternative to traditional rented homes, helping the many people struggling to save for a deposit to buy.”