How the Rented Sector Has Transformed the Property Market in Bexley

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The Bexley housing market has undergone a sea change in recent decades, with the Buy-to-Let (BTL) sector evolving as a key trend, for both tenants and landlords.

A few weeks ago, the Government released a White Paper on housing, which I found very interesting. Notably, the private rental sector played a major part in plans for future housing, which is especially important for our growing Bexley population.

In 1981, the population of Bexley stood at 217,400
and today it stands at 242,100.

Currently, the private rented (BTL) sector accounts for 11.7% of households in the town. The Government wants to assist people living in these houses and help the economy by encouraging the provision of quality homes in a housing sector that has grown because of global economic forces that have pushed home ownership beyond the reach of more and more people.

Things were very different with respect to home ownership in 1981:

72.95% of Bexley people owned their own home
20.8% of Bexley people rented from the Council or a Housing Association
6.25% of Bexley people rented from a private landlord

A suitable housing policy is vital to ensure vigorous economic activity and to create a vibrant place that people want to live in. With the population of Bexley set to grow to 302,000 by 2037, it is imperative that Bexley London Borough Council and Central Government work actively together to ensure that the residential property market doesn’t hold the area back, by encouraging the building and provision of quality homes for its inhabitants.
The Government has announced a variety of measures aimed at encouraging the Build-to-Rent (BTR) sector (instead of the BTL 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 will invent a distinct affordable housing class for BTR, 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 they need to be aware of these changes, 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 Bexley youngsters see that renting more than meets their accommodation needs, as it offers freedom from a lifetime of property maintenance and financial obligations, making it an attractive lifestyle option. Private rented housing in Bexley, be it BTL or BTR, has the potential to play a very positive role. 

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