Nationwide Building Society has moved to assemble what it is calling ‘an industry alliance,’ in order to support the troubled private rental sector.
The Nationwide Partnership Board is backed by:
- Association of Residential Letting Agents,
- The National Landlords Association
- Nationwide Foundation
Private Rental Sector
The Nationwide, coordinating the group, says that it will monitor the health and development will assess the health and safety of the private rented sector. In addition, it pledges to discuss issues of concern and provide policy suggestions to the Government.
Joe Garner, Chief Executive of Nationwide Building Society, observed: ‘With a Draft Bill on letting agent fees already in progress, and greater powers for local councils beginning to take effect, it is clear that reappraising the private rental sector is already firmly on the government’s agenda and so we look forward to working with the housing minister to help influence a future that works for all. By coming together we can help deliver somewhere decent for everyone to call home.’
In addition, new research from Nationwide suggests that landlords are struggling to keep up with the financial impact of tax and regulatory changes. It is feared that these changes could lead to increased rents, reduced spending and more landlords leaving the sector.
Nationwide assembles Industry Alliance to support sector
A YouGov survey of 1,000 landlords- commissioned by The Mortgage Works- discovered that many landlords are shielding their tenants from the financial impact of the changes. 29% have never increased their rent.
44% however are now considering increasing their rents, while 10% said they will cut the amount they spend on property maintenance. 14% of landlords said that they will start to manage the property themselves, as opposed to using an agent.
22% noted that they are considering selling their property.