UK housing is potentially set for significant change. While traditionally home ownership has been the goal of most people, the balance is shifting and the idea of people renting their homes for the longer term is gaining ground. This societal change is reflected in the UK government’s new housing policy, and in the behaviour of institutional investors, housebuilders and local councils. Key to the strategy is the private rented sector (PRS), with the long-term aim of having a professionally-built, managed and institutionally-backed PRS similar to the one that is prevalent in Europe and North America and that gives UK renters the standard of homes they deserve.

An increasing number of people live in the currently buy-to-let dominated private rented sector and the sector has expanded rapidly in recent years, with 4.3 million rental properties making up 19 percent of all households in 2014–2015. In London, high house prices (and a lack of available mortgage products) mean tha