As the Government wants to open up build to let by relaxing planning and tax restrictions, Belvoir Sheffield, the leading letting agent in Sheffield investigates what this will mean for the residential lettings market.
This week it was announced that the housing minister Grant Shapps has warmly welcomed a report offering a blueprint for corporate and institutional investors to pump money into building homes to let.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said: “The majority of the UK’s3.9 million buy to let homes are owned and managed by private landlords, this new development will be great for the lettings market as there is a serious demand for more rental properties.
The report, from Sir Adrian Montague found that a combination of recent tax changes and wider market conditions have cleared the way for this sector to grow to meet existing and growing demand. These include:
- Councils showing a more flexible attitude to planning privately rented homes where theycan meet local need.
- Encouraging and supporting private sector build-to-let investment
- The government gives incentives to encourage build-to-let businesses, including joint ventures to get building started
- The government releasing redundant public sector land and buildings for housebuilding
Rick added: “Over 3 million people rely on the rental sector for their home, a major part of this plan is to attract and encourage new players to the market, which is great for the market overall.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances and Buy To Let Mortgages.
