Private rented sector 'absolutely essential'

05 February 2010

Written by Gavin Elley

Buy to let owners and others in the private rented sector are a vital part of a healthy economy.

This is according to founder of LettingZone.com Mark Garner, who said that that those in power could be doing more to help landlords and others in the industry.

He stated: "The private rented sector is absolutely essential to a healthy economy as it allows people to move and find jobs while not committing to all the purchase costs."

But tenants and landlords could be losing out thanks to regulations in the market.

If tenants stop paying their rent there can be a long wait for them to be evicted and the buy to let property repossessed.

This period could be six months, at which point landlords are losing out because they are still paying the mortgage but receiving no rent.

Local housing courts need to be established to deal with such issues and make the situation run more smoothly, Mr Garner advised.

According to a consultation by the Treasury on the private rented sector, the government has supported the industry during the recession and is continuing to do so.

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