There is an incredible demand for housing in London, solutions for providing housing are in great demand.
How can we solve this problem?
One of the current solutions being promoted by the government and industry is Purpose Built Rental accommodation. This generally is apartment buildings that are professionally run and operated by a business, as a business, to provide quality housing at more stable rates with a properly managed professional Landlord.
This fills a big gap and is definitely a segment of the market that is and will continue to see massive growth.
I feel there is another opportunity, one that appears to be less utilised. Purpose Built HMO's.
There are so many people who are house sharing, usually through sublets or very poorly managed houses with a rather absentee landlord. This results in unhappy tenants and a high turnover in the property.
A few people I know have recently been working on providing a more professional service, a more appropriately run HMO in nicely converted houses. This is good. Though why are we not seeing larger projects being done in this manner? There is the demand, there is a clear gap in the market, and most of all it can provide a much larger number of housing units in a single building. We have the mass of knowledge from the student housing sector which does some great "bedsit" type units. That model can easily be adjusted and amended to provide a fantastic solution for a tenant seeking a room-let that is well managed, secure and of good quality.
This is to serve as a call to action for developers, investors & councils.
I would love to discuss this idea with interested parties. What are your thoughts, how do you see this working?