Countrywide comment on governments spending review


Wednesday, October 20, 2010

John Hards, Co-Managing director of Countrywide Residential Lettings, the UK's largest letting agent said:
"The cuts announced to the social housing budget today will further heighten the concerns over supply and demand in the private rented sector.
"The government's plan to increase the amount of affordable housing is welcome but this is just one of many measures needed to help more people access the property ladder. Affordable housing schemes can take time to materialise and with many buyers struggling to raise the large deposits required, tenant demand is likely to escalate in the short term.
"September saw more than 19,700 new tenants registering for rental accommodation, up 44 percent year to date, whilst the number of new rental properties coming to the market has increased by 1 percent during the same period.
"We need to recognise that the private rental sector is the only viable option for a growing number of people. Any additional pressure from social housing tenants affected by today's government announcement will push demand to critical levels. Public sector job losses could also force more people into the private rented sector, which in turn could cause rent rises.
"We have seen steady increase in new buy-to-let investors remerging in 2010 but the government must do more to help landlords increase supply levels and ensure buy-to-let mortgage funding is increased."

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