Twenty-five major organisations have joined forces to explore shaping a private rental market that works for the mutual good of landlords and renters.
The initiative, which includes the National Residential Landlords Association, ARLA Propertymark, Shelter and Connells Group, will form action groups to tackle the housing crisis and try to solve future problems.
They aim to come up with a joint approach that could result in a reformed PRS able to deliver better availability and affordability, with more options made available for renters, such as social housing.
They will also look at how the sector can provide better access to justice, as well as a national landlord register and tenancy deposit reform.
According to Nationwide Building Society’s new Future of Home report, the inequalities between homeowners and renters that were magnified by Covid need to be addressed.
It found that 63% of people believe the UK has a housing crisis, rising to 71% of private renters. Many of these face an uphill struggle to save for a deposit, with a typical first-time buyer property deposit equating to 56% of the typical annual wage.
Other action groups will look at ways of building more homes, delivering more of the right types of homes and encouraging more green homes.
Sara Bennison (pictured), Nationwide Building Society’s chief product and marketing officer, says: “The pandemic served to highlight the importance of home for all of us although, as our Future of Home research showed, it also exacerbated many of the issues which have bedevilled the housing system for years.
By thinking about the whole system together and not just the individual components where each organisation plays, we are genuinely excited by the ideas these action groups can table for the mutual good of all.”