We’re as determined as ever to build a bigger, better private rented sector and ensure tenants looking for somewhere to live have a choice of high quality accommodation.
It’s why we’ve introduced the £1billion Build to Rent fund, and why we’re offering up to £10billion in housing guarantees, to bring more developers into the market and build homes specifically for private rent.
Indeed, we’ve appointed a specialist Private Rented Sector taskforce precisely to promote these two schemes to the wider industry.
And it’s why we want to make sure that all tenants whatever their circumstances are able to get the service they need and deserve.
So this week we announced new measures that will encourage longer tenancies and improved standards in the private rented sector.
There will be a new model tenancy agreement, developed with the sector itself. This will make clear the rights and responsibilities of landlords and tenants alike, and enable families to request longer tenancies that will give them greater certainty and security.
And we’ll also work with the industry to develop a tenants’ charter, to ensure all tenants know what to expect and where to go if things don’t work out. This charter will work alongside new compulsory redress schemes, which will handle complaints against letting agents including when landlords and tenants are hit with hidden fees.
And we’re encouraging mortgage lenders to follow in the footsteps of the Nationwide, and enable buy-to-let borrowers to offer longer initial fixed periods in their tenancy agreements.
These steps will help thousands of tenants get a fair deal. And alongside the increase in supply, they will help to ensure better choice and quality for everyone who rents.