What does the recent Government White Paper mean for renters?
- 3rd March 2017
- Renting Property News
ludlowthompson welcomes the Government’s recognition of the vital role of the renting market and the promotion of longer-term tenancies
The Government has pledged to do more to support the rental market as a central part of its Housing White Paper, including the promotion of longer-term leases, which give renters added longer term stability and security.
The plans, which include working with the rental sector to encourage 3-year tenancy agreements, come as heartening news to the capital’s rental market – both for renters and for landlords.
Young professionals, including those on graduate training schemes or in their first and second jobs, will all be beneficiaries of the government’s plans. London continues to have a large population of renters, as a significant proportion of its population is always going to be in a position where they cannot buy a house, and an increasing number decide just to enjoy the flexibility that renting offers.
More rental properties available for longer periods of time will enable those living in the city to plan ahead for the longer term. Longer rental contracts coupled with ever-increasing transport options will ensure living arrangements don’t interfere with changing jobs or career progression.
Landlords too will welcome the greater stability of income and lower administrative costs which longer term tenancies should provide.
Using an ARLA (Association of Residential Letting Agents) registered agent is recommended for those considering long-term leases. ARLA agents are well-placed to help you handle any issues that arise over the course of a rental contract.
Stephen Ludlow, chairman of ludlowthompson, comments: “Renters and landlords can only gain from the government choosing to support and actively work on the rental market.”
“The security of a long-term lease provides both sides of the contract with an excellent deal – the renter has long term security, whilst the landlord will receive consistent income on their property.”