LANDLORDS are being warned they need to smarten up their properties is they are not going to be left behind in the wake of the Government's new Build to Rent scheme. Julia Williams, owner and director of Worcester property management specialists Premier Places, said that while the policy encouraged building more homes to rent, current landlords risk being left out in the cold if tenants opt for new properties ahead of more traditional rental homes.

Build to Rent was launched by the Coalition Government in 2012 to increase the supply of private rented housing. Its aim is to reduce the upfront risk for developers by having the Government either share the finance or provide bridging loans to help schemes be constructed, with developers paying the money back once the homes are fully occupied. Last year as much as £1 billion was made available and the Government is hoping it will create 10,000 new homes for private rent. It is expected that developers will build and operate blocks of apartments and housing estates for private tenants in the same way that many currently do for the student market.

Mrs Williams said: “Build to Rent is a win-win for the Government because it gets back all the money it loans and ensures there are homes available to rent. But current landlords have to recognise that there is a revolution coming. Many Build to Rent sites will not just be homes, they may include new extras such as on-site leisure facilities or concierge services. That means landlords are going to have to be able to compete not just on price but on service and quality as well. For many it is a different league in terms of competition. Nobody is saying that current landlords should over-stretch themselves financially, but the tenants in the months and years ahead will be focussing on quality and value for money – especially when it comes to décor, furnishings, technology and attention to detail. It’s a situation many landlords, especially those with extensive portfolios, should be tackling now.”

B