My idea is to increase the rights of renters to make renting a property a stable option for many years
Currently a lot of the demand for housing is because of the insecurity of renting a property.
If you are without too much commitment/furniture/stuff then renting is viable as you are able to move easily.Hence being a student or a young single professional renting is a good option and it isn't too much of a hassle to move house/flat
However when your life commitments go up and you need to have more stability in your accommodation then the only option is to buy a property or chance your arm. This is driven by a few things: 1) Lease terms are usually 12 months, 24 months at the most 2) Owners can cancel the lease and make people move out fairly easily 3) Transfer of owners can mean that even though you have an agreement with the landlord the new owners might want renters out 4) Rental cost can shoot up quickly making a property unaffordable
I propose that we tip the scales in balance of long term renting. This will give stability to renters who will be able to rent a property long term and also give a steady return for landlords. The changes would be:
1) Renters are able to get 10 year leases 2) Price rises are mapped out over the full time period 3) It would be very difficult to remove a renter (as long as they are treating the property well and paying their rent). The renter is guaranteed the property for the full term of the lease
To make it worthwhile for landlords: 1) They have a guaranteed return and a large bond (perhaps 6 months) 2) Renters bring their own appliances and are responsible for replacements 3) Renters pay for painting and disposables (like light globes)
The landlord is still responsible for any maintenance and building work that is required over the lease (similar to today)