Transforming Private Landlords: housing, markets and public policy / Edition 1

Transforming Private Landlords: housing, markets and public policy / Edition 1

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Transforming Private Landlords: housing, markets and public policy / Edition 1

Recent years have seen a sea-change in attitudes to investment in private rental housing. Although private letting was one of the most important investment outlets in the nineteenth century, for much of the twentieth century private landlordism was in decline. Indeed, the privately rented sector witnessed net disinvestment by landlords for seven decades prior to the late 1980s.

Since then, however, there has been a significant revival of investment in private rental housing and growth in its market share. Meanwhile, the image of private landlordism has greatly improved and the highly polarised attitudes of the past have been replaced by political consensus on the important role that landlords can play in housing provision.

An extensive array of government initiatives was introduced in order to attract new investment back into the private lettings market. This included rent deregulation, the Business Expansion Scheme, Housing Investment Trusts, and Real Estate Investment Trusts. Many of these initiatives were particularly aimed at enticing property companies and financial institutions into the residential lettings market. Yet the revival of letting has come from private individuals investing in so-called 'buy to let' housing rather than from the corporate sector.

Transforming Private Landlords: housing, markets & public policy explores the origins, nature and extent of this revival in the fortunes of private landlordism. It presents an in-depth analysis of private landlords, the rationales for and ways in which governments have sought to revitalise investment in residential lettings, and their success in doing so. It assesses the extent to which landlordism has been transformed in recent years and the lessons for policy that can be learned from this experience.

This timely book fills a major gap in the literature about an important actor in housing provision and the built environment; most recent work on private landlords has been published as research reports. It is an extensive scholarly study which has been written with an academic, rather than a policy-orientated audience in mind. Drawing on findings from the authors' research and interviews conducted with thousands of landlords in Britain, it will be of interest to lecturers, students and researchers in housing studies, urban studies and town planning, real estate, urban and social geography and public policy.

Product Details

ISBN-13: 9781405184151
Publisher: Wiley
Publication date: 12/21/2010
Series: Real Estate Issues Series , #36
Pages: 240
Product dimensions: 6.90(w) x 9.70(h) x 0.70(d)

Table of Contents

Preface xii

Introduction xiii

1 Private Landlords in Historical Perspective 1

The Victorian landlord 1

The First World War and beyond 4

Post-war decline 7

From control to regulation 11

Private landlordism in the 1960s and 1970s 14

Conclusions 23

2 Government Policy Since 1979 25

Introduction 25

Changing roles for private renting 26

Policy objectives and barriers 27

Reviving private renting: creating new model landlords 31

1980: first steps towards deregulation 32

1989: 'full' deregulation: the overall approach 35

Deregulation of rents and more limited security 36

Supporting and informing landlords 39

Standards, management and deposits 41

'New model landlords' 47

Other key policies 49

Conclusions 51

3 Private Renting Since 1979 53

Reversal of fortunes 53

Improving the stock 57

Deregulating lettings 58

Changing tenants 61

Images of renting 65

Rents and housing benefit 66

Conclusions 69

4 Private Landlords in Contemporary Britain 71

Introduction 71

The evidence 72

Typologies of landlords 72

Landlords in the 1980s 73

Landlords after 1989 78

Managing properties after 1989 88

Investment returns and plans 97

Conclusions 105

5 The Business Expansion Scheme 107

Introduction 107

BES: its origins and the rules for assured tenancy companies 108

Launching the companies 110

Numbers and types of companies formed 113

Funds raised 116

Property acquisition and management 118

Returns 121

Evaluation 122

The longer term 124

Conclusions 127

6 Financial Institutions and Rented Housing 130

Introduction 130

Barriers to institutional investment in residential lettings 131

Housing Investment Trusts: initial proposals and legislation 139

Housing Investment Trusts: the experience 142

Real Estate Investment Trusts: the background and rules 147

Real Estate Investment Trusts: the experience 151

Real Estate Investment Trusts: lobbying for reforms 152

The next step: pump-priming institutional investment 155

Niche market players 158

Conclusions 159

7 The Buy-to-let Boom 161

The buy-to-let mortgage market 162

The growth of buy-to-let 164

Are buy-to-let landlords different? 167

Buy-to-let and the credit crunch 172

After the crash 176

Conclusion 177

8 Conclusions 179

The transformation of private landlords 179

Lessons 181

A broader consensus on private renting? 185

Future prospects 191

References 195

Index 207

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