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New rental properties could prop up the UK economy, claim experts

Property peers have been urging the new housing minister Gavin Barwell to consider pledging his support in the direction of funding the building of more rental properties.

The appeal was launched in response to a report produced by the Centre for Economic and Business Research, which has reported the that UK economy could decrease by £145 million over the next ten years, should the rate of new housing drop at the levels that we experienced in 2008.

The report, commissioned by the National Housing Federation, suggests that more homes for rent would keep the building industry, and the economy out of the grasp of a recession. According to the NFH, by relaxing the restrictions on how funding can be spent, housing associations could maintain strong housebuilding ambitions and build homes quickly to deliver a boost to the whole economy.

The National Housing Federation has made a prediction that 300,000 units could be built by housing associations by the year 2020, if funding is made available – nearly a third of the Government’s target of one million new homes.

These calls from sector bodies is likely to be welcomed by would-be tenants, but could be bad news for private landlords, who are currently propping up the rental industry as housing associations struggle to cope with demand.

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