Author : Marry-Anne Bowring
Analysis of each region of Britain for PRS stock levels reveals interesting data. Ocasa, a property management platform, has revealed that there are almost 5.5 million PRS dwellings across the country at present. When compared to 2005 figures, there is a 79 percent increase in the PRS stock level, according to a recent survey. The survey states that London is the largest private rental market in the UK. In terms of market growth, the West Midlands leads other markets. The market size in this sector has grown by more than 100 percent since 2005.
Other large PRS markets that have grown since 2005 are the North West, Wales, and East Midlands.
According to the report by Ocasa, during this timeframe, the South East has seen the lowest growth rate. However, despite the slow growth, the jump in PRS dwellings has been pretty impressive. However, on an annual basis, the performance of the PRS hasnt been as very strong. Across Britain, stock levels have increased by less than one percent, but some areas have seen minor declines. These areas are East Midlands, Scotland, East of England, West Midlands, Wales, Yorkshire, and the Humber.
The negative trend notwithstanding, market observers are hopeful of a bounce back by the PRS market in the next couple of years. They are relying on historical market data and trends to estimate that PRS stock levels could improve in the coming years. London is estimated to remain the leading force in the PRS market in terms of total volume. However, Wales is expected to post the strongest growth, with an exceptionally impressive showing in the privately rented sector. The study expects a good showing in PRS dwellings growth by the East of England, East Midlands, South West, and North West. Only the South-East region is predicted to show a decline in total PRS stock levels.
Private rental sector performance has not been as impressive as expected. It reflects a mixed performance as the growth curve has stagnated in some areas and even declined in some instances. This inconsistency in the growth curve can be because of the string of legislative measures introduced by the government. We implemented these regulations to discourage investment by landlords from the private rented sector. The pandemic also contributed significantly to the drop in demand. However, despite this inconsistent growth, the market has become considerably more than what it was in 2005. The foundation is also set for a strong return to positive change across the country over the next few years.
Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.
Kate Robinson MIRPM MD Blocks/FM Management (London Region)
Master plan setup, ops and staffing and resident engagement. ISO45001 champion.
Lee Harle Partner Ringley Law
Plot conveyancing. Debt litigation. Group Company Secretary.
Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.
Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
Nichola Pughe MRICS Head of Residential Valuation
Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
Libby Chen MSc Compliance Manager
Operational Plant & Equipment strategy PPM Compliance lead, Asset tagging Client major projects
Dipesh Parekh Director PlanetRent
Customer centric, vertically integrated PropTech/fin-tech solutions.
Leana Aristodemou MIRPM MARLA AssocRICS Strategic lead: ESG & Asset Business Plan delivery
Financial modelling, valuation analyst to support underwriting & fund reporting.
Natalie Birmingham Helpdesk Support Manager
Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.
Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.