The Evesham housing market has gone through a sea change in the past decades with the buy-to-let (BTL) sector evolving as a key trend, for both Evesham landlords and tenants.
The Government recently published a White Paper highlighting the major part that the private rented sector will play in the future of housing. This is especially important for our growing Evesham population.
In 1981, the population of Wychavon stood at 94,200.
Today it stands at 121,500.
Currently, the private rented (BTL) sector accounts for 16% of households in the town. The government want to assist people living in these homes and help the economy by encouraging the provision of quality housing, within a sector that has grown significantly.
In 1981, 60.68% of Evesham people owned their own home, while 29.19% rented from the council or housing association and only 10.13% rented from a private landlord.
A suitable housing policy is vital to ensure appropriate economic activity and to create a vibrant place where people want to live. With the population of Wychavon set to grow to 135,000 by 2037, it is imperative that Wychavon District 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 residents.
One idea the government has proclaimed is a variety of measures aimed at encouraging the build-to-rent (BTR) sector. These include allowing local authorities to proactively plan for BTR schemes, and making it simpler for BTR developers to offer inexpensive private rented homes.
To do this, the government suggested a distinct affordable housing class for BTR, called ‘Affordable Private Rent’, which will require new homes builders to provide at least 1 in 5 of a new home development at a 20% discount on open-market rents and three year tenancies for tenants. In return, the new homebuilders may achieve better planning assurances.
Private landlords will not currently be expected to offer discounts, nor offer three-year tenancies – but it is something Evesham landlords need to be aware of as there could be greater competition for tenants.
Over the last ten years, home ownership has not been a primary goal for young adults due to a changing world. Many Evesham youngsters will 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 renting in Evesham and Wychavon, be it BTL or BTR, will continue to play a significant and positive role in the areas’ future housing mix.