The housing minister has outlined his commitment to improving the UK’s private rented sector (PRS).
Brandon Lewis has revealed he wants to make the PRS “bigger” and “better” and announced the coalition’s support for a new scheme that will soon become available to thousands of potential tenants.
All Whitehall staff can now take advantage of deposit loans should they wish to take up a new tenancy in rented accommodation. The scheme allows employees to borrow some of their salary upfront and then repay the cost from their salary payments over a period of up to one year.
In October, the Department for Communities and Local Government became the first government organisation to roll the initiative out to its staff.
Mr Lewis said the project will mean “thousands of people will be offered a helping hand to rent privately through season-ticket-style loans from their employers”.
“I hope to see more employers in the public and private sector joining the scheme in the near future,” he added.
Other government departments that are offering the initiative include the Department for Communities and Local Government, Home Office, Foreign and Commonwealth Office, HM Treasury, Department for Work and Pensions, and HM Revenue and Customs, among others.
The housing charity Shelter will also be making the loans available to its employees, as will the Greater London Authority.
This move is welcome for the lettings industry as it may lead to an increase in renters and, should it prove successful, private businesses may emulate the scheme, thus potentially creating even more new tenancies.
Source: rman.co.uk