The Maidstone housing market has
gone through a sea change in the past decades with the Buy-to-Let (B-T-L) sector
evolving as a key trend, for both Maidstone tenants and Maidstone landlords.
A few weeks ago, the Government
released a White Paper on housing. I have had a chance now to digest the report
and wish to offer my thoughts on the topic. It was interesting that the private
rental sector played a major part in the future plans for housing. This is especially
important for our growing Maidstone population.
In 1981, the population of the Maidstone Borough
Council area stood at 130,800 and today it stands at 164,500.
Currently, the private rented (B-T-L)
sector accounts for 15.9% of households in the town. The Government want to assist people living
in the houses and help the economy by encouraging the provision of quality
homes, in a housing sector that has grown due to worldwide economic forces,
pushing home ownership out of the reach of more and more people. Interestingly,
when we look at the 1981 figures for homeownership, a different story is told.
66.94%
Maidstone people owned their own home in 1981
22.25%
Maidstone people rented from the Council or Housing Association in 1981
and 10.81% Maidstone rented from a Private Landlord
The significance of a suitable
housing policy is vital to ensure suitable economic activity and create a
vibrant place people want to live in. With the population of the Maidstone area set to grow to 202,000 by 2037
– it is imperative that Maidstone Borough Council and Central Government all
work actively together to ensure the residential property market doesn’t hold
the area back, by encouraging the building and provision of quality homes for
its inhabitants.
One idea the Government has
proclaimed is a variety of measures aimed at encouraging the Build-to-Rent (B-T-R)
sector (instead of the B-T-L sector). These include allowing local authorities
to proactively plan for B-T-R schemes, and making it simpler for B-T-R
developers to offer inexpensive private rented homes.
To do this, the
government will invent a distinct affordable housing class for B-T-R, called ‘Affordable
Private Rent’, which will oblige new homes builders to provide at least 1 in 5
of a new home developments at a 20% discount on open-market rents and three
year tenancies for tenants. In return, the new homebuilders will get better
planning assurances.
Private landlords will not be
expected to offer discounts, nor offer 3-year tenancies – but it is something Maidstone
landlords need to be aware of as there will be greater competition for tenants.
Over the last ten years, home
ownership has not been a primary goal for young adults as the world has changed.
These youngsters expect ‘on demand’ services from click and collect, Amazon, Dating
Apps and TV with the likes of Netflix. Many Maidstone youngsters see that renting more than meets their
accommodation needs, as it combines the freedom from a lifetime of property
maintenance and financial obligations, making it an attractive lifestyle
option.
Private rented housing in Maidstone, be it B-T-L or B-T-R, has the prospective to play a very
positive role.
If you are looking for an agent that is well established, professional andcommunicative, then contact us to find out how we can get the best out of your investment property.
Email me on claire.harvey@seekersmaidstone.co.uk or call on 01622 671878. If you are in the area, feel free to pop into the office – we are based on 53 High Street, Maidstone, ME14 1SY. There is plenty of free parking and the kettle is always on.
Don't forget to visit the links below to view back dated deals and Maidstone Property News.
LinkedIn, www.linkedin.com/in/claireharveyestateagent
Blog, http://maidstonepropertyblog.blogspot.com/
Facebook, https://www.facebook.com/SeekersHomesUK
Twitter, https://twitter.com/seekershomes
Website, http://www.seekershomes.co.uk/
Email me on claire.harvey@seekersmaidstone.co.uk or call on 01622 671878. If you are in the area, feel free to pop into the office – we are based on 53 High Street, Maidstone, ME14 1SY. There is plenty of free parking and the kettle is always on.
Don't forget to visit the links below to view back dated deals and Maidstone Property News.
LinkedIn, www.linkedin.com/in/claireharveyestateagent
Blog, http://maidstonepropertyblog.blogspot.com/
Facebook, https://www.facebook.com/SeekersHomesUK
Twitter, https://twitter.com/seekershomes
Website, http://www.seekershomes.co.uk/