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Standards of property in the private rented sector (PRS) have improved significantly over the past decade, driven by investment from landlords. Properties in the sector are larger, more energy efficient and newer than a decade ago, giving tenants wider choices and higher-quality homes.
Landlords have driven this improvement in two ways. They have added better homes to the PRS over the period, diluting the proportion of poor-quality stock. They have also invested in existing properties to drive up quality.
Our latest report, Raising the standards of privately rented property, examines some of these changes and how landlords have contributed to the improvement.
The report finds:
The report, which includes a survey of over 500 landlords, found that more than eight out of 10 (81%) landlords upgrade every property they add to their portfolio. Additionally:
Richard Rowntree, Paragon Bank Managing Director of Mortgages, says: “Too often we hear of the negative side of the PRS, and we shouldn’t shy away from that. Rogue landlords who provide a poor product drag down the name of the sector to the detriment of the wider market.
“The great work carried out by the broader population of landlords should be recognised and celebrated. There is more work to do to bring the quality of properties in the PRS up to the level of the owner-occupied and social housing sectors, but I am confident that landlords will achieve that feat with the right financial support and a regulatory and fiscal environment that fosters continued investment.”
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551