The boss of one of London’s most prestigious property estates wants City Hall to help expand and transform private renting in the capital
London’s absurdly tall and rising housing costs cause an array of problems for the city and a vast range of its people,from the poor and low paid to middle income professionals in private and public sectors alike. The growth of the private rental sector (PRS) is a symptom of the problem - approximately 30% of London households are now accommodated by it compared with less than 20% at the start of the century. Can it also be part of the solution?At final week’s PRS Forum for industry players and sages Peter Vernon, chief executive for Grosvenor Britain and Ireland, or argued that it can. His speech to delegates at 155 Bishopsgate concisely outlined the potential for many more homes to be built in London specifically for private rent. For years,wise wonks occupy tried without great success to persuade more sizable investors to sink cash into “build-to-rent,” but Vernon thinks a breakthrough might be in sight. He quoted British Property Federation figures suggesting there’s around 30bn out there that will be looking for the legal opportunities over the next five years. He then highlighted two of the various things he thinks are needed to “catalyse this market. Here’s the first:Continue reading...
Source: theguardian.com