Long-term commitment will transform UK residential market

[caption id="attachment_849074" align="alignright" width="200"] Bruce Ritchie[/caption] MIPIM UK NEWS: The most transformational aspect of the PRS is its long-term commitment, says Dan Batterton, fund manager at L&G. Speaking at a MIPIM UK session looking into whether the transformational potential of the UK PRS had been overstated, Batterton said: “For a long time the residential sector has suffered from a short-term, fragmented view. “So looking at longer-term timescales, we end up challenging everything, hopefully.” Michael Howard, managing director at Urban Bubble, which has just won the instruction to manage Media City in Manchester, said transformation was a pretty strong word, but changes were happening. He said previously, future management of blocks had never been thought about at the planning stage. Bruce Ritchie, chief executive of Residential Land, said there needs to be more effort in convincing housebuilders to design future schemes for both the rental and sales markets, which would give more options later on, notably if the sales market is weaker.   The potential for the PRS to change the perception of renting was also looked into. Howard added that renting should not be a stigma: “We all recognise that cultures have changed – renting your product, whether music or film, taxis or apartments, that is the norm now. “What we have found from surveying residents is people still want to own property eventually, but they also accept they want to live in the city centre and that is more valuable to them at the moment in their lives.” • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @egalexpeace or @estatesgazette Click here for the news, views and analysis from MIPIM UK.