JLL releases its own Housing Manifesto

JLL has published its own Housing Manifesto, focusing on six distinct housing priorities for an incoming government.

JLL has been appointed by Peel Waters to provide its lettings and management services at the Miller's Quay residential development in Wirral | BTR News
JLL has been appointed by Peel Waters to provide its lettings and management services at the Miller's Quay residential development in Wirral. Image credit: Peel Waters.

Ahead of the impending General Election, and following the publication of party manifestos, real estate advisory firm, JLL, has laid out six tenets of successful housing policy in its own Housing Manifesto.

The Housing Manifesto details six priorities for an incoming government to try to right the ship after over 20 years of detrimental housing policy. The priorities are: be realistic; build diverse; support investment; support development; be green; and be innovative.

The Housing Manifesto also espouses the opportunity that new technologies can bring to the industry, improving delivery and reckoning with the skills challenge.

JLL says that Modern Methods of Construction (MMC) will have a vital role to play, but it is an emerging sector and there will be successes and failures, like any sector where start-ups dominate.

“Ahead of a new parliamentary term, we need to ensure that the opportunity to implement real change isn’t missed. Despite recent challenges there are reasons to be optimistic about the future of development. But to increase delivery we need to invest and innovate. We’ll never get close if we just utilise current systems, structures, and workforce to deliver.”

Marcus Dixon, Head of UK Living and Residential Research, JLL

Build to Rent in JLL’s Housing Manifesto

JLL highlights the below in its Housing Manifesto, specifically addressing Build to Rent as part of its ‘Build Diverse’ priority:

Back in the early 2010s, Government and industry showed what was in the art of the possible either side of the Sir Adrian Montague Review in 2013 – and the results were impressive. From a cold start, the industry has now delivered 100,000 new Build to Rent homes. Owned largely by institutional capital and lived in by renters who are also playing a part in maintaining high standards by voting with their feet and providing customer reviews, Build to Rent has been a clear success story. This wouldn’t have been possible without the then Coalition Government working with industry directly to provide assistance, support and partnership through the PRS Taskforce.

We would encourage the next Government to develop a housing policy which purposefully recognises that there is no easy fix to our housing crisis.

Any such solution must acknowledge that all participants are important cogs in the machine. Owner-occupiers, residential tenants, buy-to-let investors, large-scale corporate and institutional investors, Registered Providers, Freeholders, developers, landowners, planners, and lenders all have vital roles to play going forward – working in a housing ‘ecosystem’ – and the damage will irrecoverable if any of these key stakeholders are not carefully considered in future policy decisions. A balanced ecosystem is the only way to build solid foundations for sustainable growth.

JLL also highlighted that abolishing the Multiple Dwellings Relief is shortsighted, with it being pivotal in supporting the growth of Build to Rent. The Manifesto poses an important question: At a time when rental properties are undersupplied, surely a sector which delivers new stock is one to be nurtured not discouraged?

“Without question, we certainly need to build as many houses as we possibly can. However, if the next government were to prioritise achieving a balance of consistent and long-term sustainable housing policy with a legislative framework which will stand the test of time, then we can certainly see a real opportunity for the property sector to work collaboratively to put more shovels in the ground and build more much needed houses than we are able to deliver today.

“Leaving the new build housing system in a better state than they find if by the end of the next parliamentary term is as important as increasing the supply of homes in the short term.  The housing crisis is a long-term problem which needs a long-term solution.”

Paul Winstanley, Head of Residential Strategic Advisory and Policy at JLL