The Warminster housing market has
gone through a sea of change in the past decades with the Buy-to-Let (B-T-L) sector
evolving as a key trend, for both Warminster tenants and Warminster landlords.
A few weeks ago, the Government
released a White Paper on housing. I have had a chance now to digest the report
and wish to offer my thoughts on the topic. It was interesting that the private
rental sector played a major part in the future plans for housing. This is especially
important for our growing Warminster population.
In 1981, the population of Wiltshire stood at 375,200
and today it stands at 486,100.
Currently, the private rented (B-T-L)
sector accounts for 19.5% of households in the town. The Government want to assist people living
in the houses and help the economy by encouraging the provision of quality
homes, in a housing sector that has grown due to worldwide economic forces,
pushing home ownership out of the reach of more and more people. Interestingly,
when we look at the 1981 figures for homeownership, a different story is told.
57.2%
Warminster people owned their own home in 1981
26.13%
Warminster people rented from the Council or Housing Association in 1981
and 16.67% Warminster rented from a Private Landlord
The significance of a suitable
housing policy is vital to ensure suitable economic activity and create a vibrant
place people want to live in. With the population of Wiltshire set to grow to 537,000
by 2037 – it is imperative that Wiltshire Council and Central Government all
work actively together to ensure the residential property market doesn’t hold
the area back, by encouraging the building and provision of quality homes for
its inhabitants.
One idea the Government has
proclaimed is a variety of measures aimed at encouraging the Build-to-Rent (B-T-R)
sector (instead of the B-T-L sector). These include allowing local authorities
to proactively plan for B-T-R schemes, and making it simpler for B-T-R
developers to offer inexpensive private rented homes.
To do this, the
government will invent a distinct affordable housing class for B-T-R, called ‘Affordable
Private Rent’, which will oblige new homes builders to provide at least 1 in 5
of a new home developments at a 20% discount on open-market rents and three
year tenancies for tenants. In return, the new homebuilders will get better
planning assurances.
Private landlords will not be
expected to offer discounts, nor offer 3-year tenancies – but it is something Warminster
landlords need to be aware of as there will be greater competition for tenants.
Over the last ten years, home
ownership has not been a primary goal for young adults as the world has changed.
These youngsters expect ‘on demand’ services from click and collect, Amazon, Dating
Apps and TV with the likes of Netflix. Many Warminster youngsters see that renting more than meets their
accommodation needs, as it combines the freedom from a lifetime of property
maintenance and financial obligations, making it an attractive lifestyle
option.
Private rented housing in Warminster
and Wiltshire, be it B-T-L or B-T-R, has the prospective to play a very
positive role.
