Why UK Politicians are in the dark on the Future Of Renting in the UK

Video Transcription:

Hi guys. So why I think the housing industry and market has changed dramatically, but politicians are still being dinosaurs back in the dark ages. They haven't really accommodated for this. And what do I mean by this is, if we think about it, everything is moving towards a share economy, okay? You've got Uber, you've got Airbnb, you've got all these things that are moving towards, you know, even things like technology, software as a service. It used to be you had to own a piece of software, windows, whatever. Or you owned a car. But now what you're finding is people are much more willing to and accommodating, through the use of technology and all these sort of things, to actually to share it. Not own it, share it, and just rent it on a basis. So why wouldn't the housing market do the same?

Interestingly, the housing market has. And this is not at the behest of the politicians. This is through the natural market and the accommodation of that market. Now look, there's still people who want to own and that's, I think that's an admirable goal. But there's a lot of people now who are happy to rent, and the plan is they'll rent their whole life and they'll never actually own a property. And that's, I think that there hasn't been enough focus on that as from a political level. I think that's where really politicians have to now start to recognise the market has changed. Developers are changing, they're building houses. Whereas they used to build a big one bedroom and the second bedroom was small. Even sometimes half a bedroom. Now they're sort of evening them up so you can have two people paying the same rent, in the same property, and it's the same size. You know, things like this.

PRS where big pension funds are coming in and buying entire development sites that could be 17,000 homes. And then renting the entire lot out. They're not even available for sale. So these sort of schemes are really starting to come and the market is changing. And I think we've got to sort of also change our expectations to the markets. And if you're a politician listening, you should start considering this. Because actually this is a good thing in some ways. It's where the market is going. We can't, and politicians can't just say, "No, this is the way we want it. We don't want advancement. We don't the market change with the way the rest of the world is going."

We have to change with the times. We have to change with the fact that, a lot of millennials don't want to own property. They are actually happy to rent. They don't see it as a negative. And look, all credit to them. I've got mates who are exactly the same, they have no intention of buying. They have no intention of ever actually owning assets. I've got guys that don't own cars, don't own houses, don't...

Now for me, I'd go crazy because I'm like well no assets that produce income, that's part of my wealth strategy. But for them, it works for them. Fantastic. Good on them. If it works for them and they're happy with that, then let's embrace that and allow that to go on. And I think we are slowly, and I think there's a slow recognition of this. But I think it's been very slow in coming from the politician's perspective. They haven't really caught up with the changes. And they need to.

But anyway, that's just my little bit of a rant for today guys. Have a great day. Any comments, chuck them into the comment section. Be sure to subscribe and press a little bell, and make sure you get all my updates. But look, guys, I'm going to be coming to you a lot more now with all sorts of aspects as we hear from Boris and how he's going to accommodate the markets and now how things are. But yeah, guys have a great day. Lead with passion. See you later. Bye.

About the author

brettalegrewood

Brett has over 20 years experience in all facets of property, he owns various companies centred around property and is the driving force behind the education and training at Ezytrac. His companies have sold over £850 million in UK and London property and he manages over 1200 properties through his estate agency chain. Today he shares his time between UK, Australia and Singapore. He is married to Arlene and together they have 4 kids. Brett holds both the Level 3 Property Mark Qualifications for Property Sales and Property Lettings and Management.


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