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BPF welcomes rental focus in Labour housing manifesto

The British Property Federation (BPF) has welcomed Labour’s new housing manifesto, saying it offers a realistic and broad array of measures which could help nurture the UK’s private rented sector.

The manifesto says the government “would like to see more larger and professional organisations providing rented accommodation, alongside the many individual landlords” adding that it especially wants to “encourage more investment in new build rented accommodation”.

The BPF, which represents small landlords groups around the country as well as major developers such as Land Securities, Tesco, Legal & General and Grainger, the UK’s largest private landlord, has been campaigning for a US-style professional rented sector where institutions forward-fund new rental developments.

The plans have been backed by Mayor of London Boris Johnson who has worked up plans for a number of sites to come forward across the capital.

Liz Peace, chief executive of the BPF, said: “However much we would like to all be a national of homeowners, the simple reality is that this will not happen, not now or at any time soon. Affordability is driven by how well people can access finance and no matter what political rhetoric we’re fed about stamp duty cuts or shared equity schemes, ultimately, there are millions who cannot get on the housing ladder.

“What this is leading to is a massive increase in the demand for rented housing and that’s why Labour’s manifesto is so welcome. It presents an informed and realistic overview of the market that takes into account the fact that there are a million more renters than a decade ago. It’s clear that public investment in housing will be cut in years to come and that’s why it’s more important than ever that ministers reform stamp duty for large investors to ensure schemes are viable. Without private investment, we will not provide the housing we desperately need and it is essential we act now to avoid a double-dip housing crisis.”

For more info call the BPF on 020 7828 0111 or call Andrew Teacher directly on 07968 12 4545

Notes to editors

Government stats on house building:
http://www.communities.gov.uk/housing/housingresearch/housingstatistics/housingstatisticsby/housebuilding/livetables/

Government stats showing home ownership at lowest level for 20 years
www.communities.gov.uk/documents/housing/xls/139262.xls

Complete English Housing Survey report
http://www.communities.gov.uk/publications/corporate/statistics/ehs200809headlinereport

Media coverage

Andrew Teacher discussing stamp duty reform on BBC Working Lunch

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Interview with Andrew Teacher on BBC Radio 5 Live