Government needs to balance its policy to empower boroughs to bring forward PRS

However, perhaps that’s where the good news stops. For starters, the 3% ‘buy-to-let stamp duty surcharge’ will pull some buy-to-let properties out of the rental market into the for-sale market, therefore further increasing rental prices.

Again, we have seen a central government initiative force London down a route of home ownership over rental. On paper, it’s an applaudable idea, and a great PR stunt to stand up on stage and champion the opportunity for home ownership. However, we need to wake up to the reality that there must be an alternative, and a good one, to home ownership.

In any other sector, there is a service model that accompanies an ownership model, and nine times out of 10 this is the preferred route, whether because of affordability, ongoing service, convenience or simply our disposable approach to life. Central government needs to balance its policy to support the production of rental stock, particularly in London, where the affordability issues are so acute, and in doing so empower the boroughs to bring forward PRS.

Knight Frank’s recent Tenant Survey 2015-16 makes fascinating reading. It highlights a shifting demand in favour of the service and flexibility renting provides in London, and this trend is magnified in the 18- to-24-year-old age demographic. To steal a Henry Ford classic, if you asked people what they wanted, they would have said faster horses; perhaps if there was quality PRS being supported and championed, the same may be said for renting.

Whether you agree with the shifting millennial mentality or not, we have a shortage of housing. A strong rental sector will help address the problem. And even if you disagree, when did we stop treating the symptoms of an illness just because we don’t have the cure?

James Scott, chief operating officer, the Collective