BPF demands radical reshaping of the UK housing market

Posted under General by Alan

The UK’s biggest property investors and developers, the British Property Federation (BPF) at its annual conference handed over a report titled ‘The Future of Renting’ to the Minister of Housing. The report has been submitted in reply to a review of rental conducted by the department of the UK housing ministry. The Federation has urged the government to take initiative in bringing about a radical change in the housing policy and the market to draw fresh investments that will tackle the accommodation crisis and prevent massive job cuts.

BPF calls it ridiculous to live with the situation wherein there is acute shortage of rented housing amidst increasing demand; and the builders are withdrawing from the market for want of buyers. According to BPF, creation of a corporate sector on the patterns of Europe can facilitate continuous investment in housing industry and make thousands of new homes available to public on rental and at the same time builders can sell their stocks to potential buyers.

The British Property Federation feels that market based approach needs to be applied to the private rented sector. It should be continuously expanded to meet the increasing housing needs. The sector should adopt a consumer law based approach as recommended by the Law Commission.