Today, potential property investors and current landlords are being called to action. A new opportunity has sprung up, aimed at offering financial support to make accommodation more accessible for older and disabled tenants. The goal? To enable these crucial members of our society to continue to live independently and have access to suitable, private rented sector (PRS) housing that meets their needs.

The Funding – Helping Tenants Live Independently

The Department for Levelling Up, Housing & Communities, in its quest to improve living conditions for the ageing population and disabled citizens, has set aside a whopping £50 million fund. Known as Disabled Facilities Grants (DFG), these grants will be made available from local authorities across England.

The catch? Well, there isn’t much of one, to be honest. The main requirement is that a tenant should be living in the property that is in need of an adaptation. These grants come in sizeable amounts too – funding up to £30,000 of works to make a property more accessible to older and disabled tenants.

The Broader Impacts – Improved Access & Cooperation

This impressive financial support follows closely behind the government’s call for evidence on the Older Persons’ Housing Taskforce and Disabled People in the Housing Sector. Propertymark, an authoritative voice in the property landscape, explains that this initiative was an important step in improving both the access to and promotion of these grants for private landlords and their agents.

At its core, Propertymark believes this initiative elucidates that local authorities should place a higher priority on comprehending the number and needs of disabled people in their area. Acquiring this data and having it inform local development plans is integral to ensuring the right type of housing is provided to match these tenants’ requirements.

A Look Ahead – Preparing for a Changing Demographic

While the DFG grants are specifically available for properties already housing disabled tenants, Propertymark reminds us not to lose sight of the future. Landlords and their agents should consider strategies that can future-proof their businesses by catering to a rising demographic.

The Older Person’s Taskforce for Housing reports that there are currently 12.4 million people in Great Britain aged over 65, which equates to 18% of the total population. This number is projected to balloon to 20.4 million by 2041.

Opportunities – Working Towards Better Landlord-Tenant Relationships

Propertymark adds another insightful perspective, bringing into focus the need to improve the relationship between local authorities and private landlords. A cooperation that could open doors to a new opportunity – developing a database of adapted properties. This database can be a platform for local authorities to point tenants in the right direction, guiding them to properties that cater specifically to their needs.

Conclusion

This recent development presents a compelling opportunity for property investors and current landlords. The £50 million fund is an incentive encouraging owners to make the PRS more accessible for older and disabled tenants. By accessing the fund, adapting your properties and future-proofing your business model, you can contribute to a positive change in the rental landscape, while also reaping financial benefits.