Government urged to invest in long-term renting solutions

19 2008
The British Property Foundation (BPF) has called for the government to introduce new legislation to help people secure rented accommodation more smoothly.

With house prices dropping amidst the uncertain future of the market and house sales down considerably in 2008, many people are turning to renting as a short-term solution.

In response to the situation, the foundation has taken the opportunity to urge for extra funding to help the development of more long-term rented properties.

Ian Fletcher, director of residential policy, said: "We need to create new opportunities, where people who cannot afford to buy are able to rent with the prospect of staircasing into ownership in the future, underpinning an inclusive and responsible approach which recognises that there are many people who simply cannot afford current levels of deposits, and do not want to be taking on mortgage debt in current conditions."

Among its proposals, the BPF has called for a funded build-to-let sector and additional investment in institutions such as pension funds to aid long-term housing solutions.

The total number of housing starts was down by 24.4 per cent during the first quarter of 2008.
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