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Covid caused ‘first reduction in rental sector for twenty years’, says Propertymark

Comment has been made by Propertymark policy chief Mark Hayward about rental sector to a Lords committee investigating effect of pandemic.

Nigel Lewis

hayward rental sector lords

Propertymark has told MPs that it has seen a reduction in the size of the private rental sector for the first time in nearly 20 years during the pandemic.

The remarks were made by its policy chief Mark Hayward (pictured, above), who was giving evidence to the House of Lords Select Committee tasked with measuring the effect of Covid on the UK.

He added that: “Landlords feel victimised, and the attractiveness of being a landlord is decreasing.”

Hayward also said this was one of the reasons why fewer homes are available within the private rental market at the moment, in contrast to the strong demand for properties to rent.

Location, location, location

Hayward made several other surprising claims, including that Covid has brought an end to ‘location, location, location’ as home hunters focus on good broadband and access to open spaces.

It was also claimed that, despite the hit on the private rental sector, the current period was unusual because both the sales and lettings market are ‘frothing’ at the same time – normally it’s one or the other.

When asked to discuss the commercial property sector, Hayward said Propertymark’s most recent data showed a decrease in investors across hotels, pubs, retail, and offices and that in contrast, 81% of agents have seen a large increase in logistics and industrial spaces, he linked the data to the “knock on effect of online shopping.”

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June 23, 2021

One comment

  1. I am not surprises at Marks comments about the PRS being reduced over the past 1-2 years and listened to by the governement. It’s not just because of Covid. It’s due to the incessant burdens being placed onto the PRS. Whilst I agree that the housing stock should be continually improved but at the same time any investor needs to see a return on their money. Does the government not realise what a massive contribution private landlords make to the PRS and how this reduction in supply will impact the choice renters will have in the future. I was appalled at the news recently seeing the disgusting state of the social housing stock and their lack of empathy for their tenants and maintenance to their properties. So it begs the question … What is the reasoning behind the government continually penalising private landlords who are generally just trying to make a reasonable return on their investment and who generally maintain their properties in much better condition. How is it that the social housing suppliers are getting away with this? Are they being penalised? I’ve had instances when through no fault of their own landlords cannot carry out repairs as spare parts are not available, and have been reported and investigated by the local housing department for failing to act quick enough !!! It seems to be one rule for the social housing landlords and another rule for every one else.
    The government need to rethink their housing strategy to encourage private landlords back into the market before it is too late and the housing crisis becomes even worse. We like other letting agents have lost about 10% of many long term landlords who are fed up with the situation and sold up. If this is reflected across the whole industry it will be catastrophic for tenants as they will suffer the most. Sorry for the rant but feel something has to be said and we need some positive action.

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