In our previous blog posts we have been already mentioning about the rush in the home renting sector, and how that is living on rent becoming a trend in UK. Having also known the problems that these private tenants face from their private landlords, the problem does really need a check.
More people are going to opt for living in private rented sector over social housing in UK because social rents will be 80% of the local market rate. Since, the supply is low and the other options unviable, many in UK are finding house renting quite attractive, which facilitates making initial payments through overdrafts and the best thing, you can quickly move out and quickly get a house – only possible through renting. Since the supply is already low, there are many youngsters in London, who having no option are living with their parents and grandparents.
Today, we all know that the UK’s private renting sector is booming. However, we don’t even want to it boom through unfair means. Thus we can ensure their fair growth of the private rental market in two ways:
- Build more houses – increase in supply
- Renting needs to be easier, i.e. affordable - even if there is a sudden increase in the demand, the landlords need not higher the rents. This will only cause them the problem relating to irregular rental payments or else losing out on the tenant.
Therefore, long term renting is what is advisable for the private landlords of UK, if they really want to cash on the situation fairly. “There is nothing wrong with long-term renting per se: it's the norm in most European countries, where the law tends to favor tenants. And so it should: a tenant's need for secure shelter takes moral precedence over a landlord's right to safeguard his income” – should be remembered by the private landlords.