‘Turning the Tide’ – a study carried out by the Housing & Finance Institute – has stated that a ‘fair value rents regime’ would repair the damaged housing markets in coastal communities.
This would include a locally assessed fair value rent for a property reflecting its location and quality.
Natalie Elphicke, chief executive of the Housing & Finance Institute, said: “There is a toxic trio of abnormally high proportions of rented housing, for that rented housing to be of poor quality and a lack of job creation.
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“Dysfunctional housing markets are proving fundamental to the spiral of decline in many of Britain’s coastal communities – and something radical must be done to turn the tide.
“In particular, a new fair rents regime would significantly speed up the renewal of the most deprived areas, drive a fairer deal for tenants and taxpayers – and kick-start much-needed regeneration.”
The report also suggests that the government should support housebuilding and housing investment in deprived areas, as well as creating a one-stop shop that extends housing renewal powers and provides guidance on what is permissible to drive local renewal and growth.
Data from the Elphicke-House report found that for every £1 spent on construction, £2.09 is generated in economic activity.