The private rental sector has always been a vital cog in the UK housing market machine, and even if Britain is still a nation of home owners, we are also increasingly a nation of renters.
I’m not suggesting that renting privately will become the ‘new normal’ within the housing market, but it’s quite obvious that many more households are choosing or having to rent instead of purchasing.
It is also somewhat reassuring to know that the Government is finally acknowledging the importance of the private rental sector.
We are therefore encouraged by the latest news from the Government that a Private Rented Sector Taskforce has been established to help develop the supply of many more rental properties.
This comes at the same time as a £1bn build to rent fund is offering finance to house builders to build large schemes specifically for private tenants.
Looking ahead, suitable tenants will need to be found for these new developments, which will also need to be managed. Thus, in certain areas, there will be a growing demand for the services of letting agents. The important thing is to make those contacts now and put your business in the frame for such work, otherwise the opportunity may be lost.
My own company, Century 21 UK, is certainly working with developers who are building properties for private rent and we have a particularly strong opportunity in the North-West with a substantial number of properties on over 30 sites across the region.
Our franchisees in this area will gain exclusive access to this major lettings opportunity and we are therefore looking to sign up a sizeable number of existing and new agencies to the brand.
This is certainly not a piecemeal proposition with some agencies having the enviable task of finding and securing tenants for many hundreds of properties in a short period of time in a single area. It does not need me to outline the potential income this could bring in.
Overall, we are seeing a much larger-scale focus on developing properties for private rental purposes and we at Century 21 UK intend to be at the forefront of working with developers in order to generate this type of business for our franchisees.
With many more landlords also adding to their overall property portfolios, this is a positive time to be involved in the private rental sector, and quality lettings agencies with a strong brand and support should be forging ahead in the months and years to come.
* Rob Clifford is chief executive of Century 21 UK and group commercial director of Shepherd Direct Group
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Comments
Why don't you mention the tens of franchise offices that closed up in Scotland and the rest of the UK?
Pathetic little franchise!!!