The way we rent is about to change dramatically ...Middle East

For a while, it seemed as though these people – who are mostly young adults – would be “forever renters”; the first generation since consumer mortgages went mainstream in the 1980s, where large numbers would not be able to buy homes of their own, but, instead, as the Resolution Foundation warned in 2018, face renting from “cradle to grave”.  

But now something unexpected is happening in the housing market, which suggests that this is all about to change: the number of private renters has stopped increasing, and there are fewer and fewer new homes available for rent coming onto the market.  

Britain’s private rental sector, once an investor’s dream where a buy-to-let mortgage was effectively a license to print money, might just be a victim of its own success.  

The imminent legislative change that will be ushered in by Labour’s Renters’ Rights Bill is also a factor: renting is about to become far more flexible for renters, and it will be harder for landlords to justify disproportionate rent hikes when this law passes.  

It’s not quite the case that all of this points to the “exodus of landlords” that the landlord lobby warned of when Labour confirmed that they would push their Renters’ Rights Bill through in the first year of government. Nonetheless, all of the indicators suggest that Britain’s private rental market – which used to seem unstoppable – has stopped expanding.

At this exact moment, there are more than 1.3 million households – many of which are families with children – on waiting lists for social housing in England alone. We simply don’t have enough social homes for them to live in. It will take time to build more, even though Labour has committed money to ramping up delivery via the Affordable Homes Programme (AHP). So, like it or not, we depend on there being private landlords with homes to rent out.  

square SIMON KELNER

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Quite the contrary. Exclusive analysis for this column conducted by the independent think tank, the Resolution Foundation, shows that thousands of young adults are still stuck in privately rented homes. This is the case for more than one in four 30-49 year-olds, which is up from one in five in 2010.  

The Renters’ Rights Bill will make renting more financially stable and legally secure for private renters. Interest rates are unlikely to come down any time soon, too. All told, it’s likely that the heyday of landlord investors has been and gone. There’s still money to be made by renting out a home, of course, but whether there’s serious profit is another matter.  

If that happens, the housing market could rebalance in a major way so it works more for people who want to buy homes they can live in than it does for people who want to speculate on investments and buy up homes they do not actually need. This might just be the end of renting as we’ve known it.  

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