I clearly remember my first days in estate agency nearly 30 years ago. Back then first time buyers, usually aged in their mid-twenties, made their first tentative steps on the buying journey hand-in-hand. If you wanted to rent a home it would probably be a dank and shabby terraced house. Fast-forward to 2015 and how the world has changed. First-time purchasers are buying in their mid-thirties and usually want to buy alone.

The motivation for some of these policies can only be envy or socialist ideology.

The rental sector has changed beyond recognition. In relative terms, potential tenants now have a huge choice of good quality properties to rent as landlords compete to find the best tenants and the best possible yields. Residential property investment started to become an attractive proposition due to reforms to tenancy agreements in 1988 and again in 1997 when budgetary reforms wiped £100billion off the value off pensions. The phrase “my property is my pension” became commonplace at that time.

Rising standards

Standards in the estate agency industry have also improved significantly, due to increased competition, rising consumer expectations and greater regulation from industry bodies and redress schemes. Interesting then that I don’t remember a time when there has been more discussion about the industry and more political pressure for reform, often from those who seem to have little knowledge of the industry or its issues. The new regulations on revenge evictions (perversely included in the Deregulation Bill) for example, will be a sledgehammer trying to crack the tiniest of nuts. So too would Labour policies to introduce rent controls, a mansion tax, ban tenant fees and increase personal and business taxation. It’s hard to explain the motivation for these policies as anything other than envy or socialist ideology.

Of course, standards must continue to improve, but this shouldn’t be at the cost of deterring investment in the property market. The Residential Landlords Association recently reported that up to 60 per cent of landlords would consider exiting the rental sector if rent controls were introduced and Landlord Action stated that many landlords want to exit the PRS because they feel that ‘letting property has become too shrouded in red tape.’

Compulsory membership of a redress scheme has had a profound impact on raising standards and making the industry more accountable. The simple addition, however, of a requirement for all letting agents and landlords to become members of a Client Money Protection scheme and adhere to a Rental Standard would protect tenants, raise standards, and improve our public standing.

Given that the three operating redress schemes share information to ensure that a rogue business barred from one scheme is prevented from joining another, effectively constitutes licensing of the industry at a company level but doesn’t prevent individuals guilty of improper conduct or fraud from taking a job in another estate or lettings agency. Should, at some point in the future, membership be introduced at an individual level, those unfit to trade should be permanently excluded from the industry.

Today’s issues

The 2014 rise in house prices of over 8 per cent made it even harder for first time buyers to acquire property. Having just emerged from the last housing recession, it’s frustrating to hear commentators talking about a new housing bubble. Personally, I don’t see this at all. The Bank of England has been handed control of the levers that moderate mortgage lending and will be more effective than the now defunct FSA at using them. Nationwide reports that house prices are 9 per cent below peak, suggesting the likelihood of positive price growth for at least five years.

Price growth at the current level is unsustainable in the longer-term and is a socially divisive issue that we need to deal with. To my knowledge, no one has yet repealed the law of supply and demand; the only sound strategy for regulating the market is to build more homes. We need to release more land for housebuilding and help support SME housebuilders in finding and funding smaller developments.

Many are frustrated with the politicised nature of the planning system; housebuilding is rarely a major issue for anyone other than those immediately neighbouring developments. Politicians who fear losing local votes often oppose their own party’s national policies that favour housebuilding. The current situation requiring local authorities to produce a Local Plan that fairly reflects housing needs and Neighbourhood Plans that give communities the opportunity to influence where developments are located and necessary improvements in local amenities strikes a fair balance in my view. It’s not ideal, but as Winston Churchill famously said “Democracy is the worst form of Government, except for all the others.”

Business and politics

So why have I decided to enter politics? It’s a lifetime ambition. My parents always encouraged us to take an interest in politics and current affairs and to share our opinions. I did not want to be a career politician, I first wanted to prove that I could be successful in business and think that gives me the credibility and experience to help improve things at a local and national level.

Kevin Hollinrake is the Conservative candidate for Thirsk & Malton