Today, renting a house has become the way of life in UK/London. Since the home buying in UK is expensive and even those who want to move up in the property ladder by purchasing a house in UK through, do so through mortgage finance or mortgage loan, later only to repent on the decision as they find themselves unable to repay the mortgage loan, seeing themselves fixed in a situation, they get burdened by the debt. The other reasons attributed are the consequences of the economic downturn in terms of lower salaries and higher rate of home loans.
Plagued by the situation, people in UK have no other option but to be tenants of private rented sector in UK. Desperate by the situation, this has led to an increase in the demand for rented houses in UK, falling short of supply, the private landlords capitalizing on this situation, are charging exorbitant rent from the tenants, added to it are the problems of unsecured tenancy and non-returning of tenants’ deposits.
Keeping in mind these issues, there is thus a grave need to regulate the private rented sector of UK. So what really can be done? Here are some of the suggestions:
- The government and even the local authorities should come up with plans, programs and policies that guarantee tenants secured tenancy and also regarding security of tenant’s deposits and returning them on due time.
- Institutional investment will help make better, quality rented accommodations
- Building more houses, as this will increase the supply, the problem of demand will be eased and so will the rent become cheaper/affordable.
- Rent control is a better way out, only in hard situations
- License should be made compulsory for every landlord who has decides to rent out their home/ property.
- Quick renting websites
Following are some of the tips to regulate the private rented sector in UK. All of them have its on advantages and disadvantages. Therefore, while implementing, a thorough research needs to be done. Also, what is more important is the fact that legislation is vey easy but implementation and further recognition of such unfair practices is what is more important for having sustained results from a policy/plan/program.