TF2: Reimagining the PRS Taskforce Ten Years On

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Part of my job as CEO of the UK Single-Family Association was to look at what the industry could to better and to put in place a framework that helped build not only rental homes, but homes of all tenures: The Tri-Tenure Delivery Formula.

However, we also need to evangelise on a more structured basis that deals in facts, realities and possibilities. We also need to give hope that the BTR sector as a whole, and particularly SFR, could be a catalyst for accelerating delivery of homes, of all tenures, in every corner of the UK.

The second element of my 2024 Election Manifesto deals with the reimagination of the original PRS Taskforce.

I outline below a (very) high level proposal of what the ToR's might look like, the target audience, and the goals. It is for discussion.

This proposal was warmly received by the British Propety Federation who would and should be essential partners in this project.

Sustainability and ESG are implied.

Proposed Terms of Reference for the New Taskforce (TF2)

?Introduction

Building upon the foundations laid by the original PRS Taskforce (2013-2015) and incorporating contemporary insights from the Build to Rent (BTR) sector, the new Taskforce (TF2) will be industry-operated and funded, with support from Homes England and the British Property Federation. TF2 aims to foster collaboration between public and private sectors to enhance housing availability of all tenures and quality, focusing particularly on the potential of the Single-Family Rental (SFR) sector and the added dynamic the SFR sector brings. Nevertheless, it is a program that advocates for all BTR sub-sectors: Multi-Family, Co-Living, Later-Living, and Single-Family Housing.

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?Objectives

1. Promote Institutional Ownership of Rental Stock

?? - Educate Local Authorities: Highlight the benefits of institutional ownership and management of rental properties.

?? - Advocate for SFR: Demonstrate the role of SFR in providing diverse, quality rental options.

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2. Leverage Public Assets

?? - Partner with Local Authorities: Assist treasury departments in understanding how to leverage public assets through private partnerships.

?? - Public-Private Collaboration: Facilitate partnerships to unlock more housing across all tenures.

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3. Standardisation and Best Practices

?? - Develop Standards: Create standardised processes and contracts to streamline the development and management of rental properties.

?? - Promote Best Practices: Establish and disseminate best practices for rental property management and development.

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4. Support for Local Authorities

?? - Transactional Support: Provide viability studies, scoping, and contract negotiation support for smaller authorities.

?? - Encourage Collaboration: Foster cooperation among local authorities to share resources and expertise.

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5. Awareness and Opportunity Identification

?? - Surplus Public Land: Work with Homes England to ensure private sector awareness of opportunities related to surplus public land.

?? - Identify Pilot Projects: Scope and support innovative pilot projects to demonstrate new approaches in the rental sector.

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6. Non-partisan Approach

?? - Politically Neutral: Maintain a stance that is politically and ideologically agnostic to appeal to a broad range of stakeholders.

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?Target Audiences

Primary Targets:

1. Planning Committee Members and Local Councillors

?? - Education and Outreach: Conduct targeted sessions to inform them about institutional investment benefits.

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2. Local Authority Planning Officers

?? - Workshops and Resources: Offer training and resources to assist in the planning and approval processes.

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3. Local Authority Treasury Departments and Council Leaders

?? - Seminars on Asset Leverage: Provide guidance on leveraging public assets through private partnerships.

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4. Central Government

?? - Policy Influence: Advocate for supportive policies and regulations that facilitate institutional investment in rental housing.

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Secondary Targets:

1. Other Public Bodies

?? - Collaborative Efforts: Engage with other public bodies to align efforts and maximise impact.

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2. The Public (Indirectly)

?? - Awareness Campaigns: Raise public awareness of the benefits of institutional investment in rental housing.

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3. The Media (Trade and Mass)

?? - Media Engagement: Use media to communicate the benefits and successes of institutional investment and SFR.

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?Goals and Implementation Plan

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1. Formation of the Taskforce

?? - Assemble Experts: Include developers, lenders, investors, valuers, and lawyers under the leadership of a private sector Chief Executive.

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2. Educational Outreach

?? - Develop Programmes: Create comprehensive educational programmes for local authorities.

?? - Create Materials: Produce informational brochures, online courses, and organise in-person workshops.

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3. Pilot Projects

?? - Identify and Support: Select pilot projects that showcase innovative rental housing solutions.

?? - Evaluate and Learn: Monitor these projects to extract best practices and lessons learned.

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4. Standardisation Initiatives

?? - Collaborate on Standards: Work with industry stakeholders to develop and promote standardised contracts and processes.

?? - Adopt Standards: Encourage widespread adoption of these standards across the sector.

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5. Collaboration and Advocacy

?? - Engage Key Stakeholders: Work with Homes England and others to align efforts.

?? - Advocate for Policy Changes: Promote policy changes that support the growth and sustainability of the rental sector.

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6. Monitoring and Evaluation

?? - Set Metrics: Establish metrics to assess the impact of TF2’s initiatives.

?? - Review and Refine: Regularly review progress and refine strategies based on feedback and outcomes.

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TF2 aims to build on the legacy of the original PRS Taskforce by addressing contemporary challenges and opportunities in the rental sector. By focusing on education, standardisation, and strategic partnerships, TF2 will play a crucial role in advancing the development of rental housing across the UK. This initiative will ensure that the housing market meets the needs of diverse communities and promotes sustainable growth.

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By setting clear objectives and implementing a structured plan, TF2 will drive meaningful change, promoting the benefits of institutional ownership and leveraging public assets to create a thriving rental market.

RB June 2024