UK
Ireland
Scotland
London
Construction News
06/10/2016
1.8 Million UK Rental Homes Needed By 2025 - RICS
New research has revealed 1.8 million new rental homes will need to be built in the UK by 2025.
A study by the Royal Institution of Chartered Surveyors (RICS) shows buy-to-let sales have dropped sharply since May, with 58% of RICS estate agents reporting a decline.
In addition, 86% of landlords have no plans to increase their rental portfolio over the next five years, which RICS says will make a 2025 rental supply crisis "more likely".
The drop in sales has been attributed to Government changes to the Stamp Duty threshold, which aimed to dampen demand for buy-to-let investments. However, RICS said this has further reduced supply.
The organisation has now urged Prime Minister Theresa May to "get out her hard hat" or face a "critical rental shortage".
It is calling for the PM to abandon David Cameron's previous home ownership focus and reverse April's Stamp Duty measures in order to address short term rental supply issues.
Jeremy Blackburn, RICS Head of UK Policy, said: "Our latest figures show that there has been a 15% decline in house sales to first time buyers over recent months. That tells us that for all the rhetoric, David Cameron and George Osbourne's Starter Homes Strategy failed to get off the ground.
"The Private Rented Sector became a scapegoat under the previous Prime Minister, and because of that it suffered. Yet with increasingly unaffordable house prices, the majority of British households will be relying on the rental sector in the future. We must ensure that it is fit for purpose, and the Government must put in place the measures that will allow the rental sector to thrive. Any restrictions on supply will push up rents, marginalising those members of society who are already struggling."
(LM/CD)
A study by the Royal Institution of Chartered Surveyors (RICS) shows buy-to-let sales have dropped sharply since May, with 58% of RICS estate agents reporting a decline.
In addition, 86% of landlords have no plans to increase their rental portfolio over the next five years, which RICS says will make a 2025 rental supply crisis "more likely".
The drop in sales has been attributed to Government changes to the Stamp Duty threshold, which aimed to dampen demand for buy-to-let investments. However, RICS said this has further reduced supply.
-- Advertisement --
The organisation has now urged Prime Minister Theresa May to "get out her hard hat" or face a "critical rental shortage".
It is calling for the PM to abandon David Cameron's previous home ownership focus and reverse April's Stamp Duty measures in order to address short term rental supply issues.
Jeremy Blackburn, RICS Head of UK Policy, said: "Our latest figures show that there has been a 15% decline in house sales to first time buyers over recent months. That tells us that for all the rhetoric, David Cameron and George Osbourne's Starter Homes Strategy failed to get off the ground.
"The Private Rented Sector became a scapegoat under the previous Prime Minister, and because of that it suffered. Yet with increasingly unaffordable house prices, the majority of British households will be relying on the rental sector in the future. We must ensure that it is fit for purpose, and the Government must put in place the measures that will allow the rental sector to thrive. Any restrictions on supply will push up rents, marginalising those members of society who are already struggling."
(LM/CD)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
