Addleshaw Goddard report urges councils to build homes for private rent
According to a report titled ‘Making Renting Viable’ by Addleshaw Goddard, the UK is too obsessed with home ownership and councils should focus on building homes for long-term private rent.
Contributors to the report included property developers as well as councils and officials who have already begun commissioning schemes built for rent.
They are calling on the government to create formal planning guidance, which sets out what should be demanded for developments built for rent.
The report contributors agreed that some councils are in the vanguard of build-to-rent, but many more could benefit from the role renting has to play in supporting the country’s growing mobile workforce and in helping accelerate the delivery of regeneration schemes.
Private renting is currently the fastest-growing tenure in the UK housing market, yet investment from major funders is far behind countries such as the US. In Manchester and London, plans are under way to create numerous rental-led schemes backed by institutional cash.
Addleshaw Goddard parter Marnix Elsenaar said: ‘Planning guidelines need to be stronger and financial viability models need to reflect the fact that building for long-term rent is not the same as traditional house building. Policymakers need to appreciate that if they get this right they could unlock a model that provides thousands of new homes with real long-term community benefits.’
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.