The government’s White Paper has revealed there will be changes to the definition of the word affordable.
In the document, the government say they “intend to publish a revised definition of affordable housing as part of our revised changes to the National Planning Policy Framework”.
They have also stated there will be an introduction of “a definition of affordable private rented housing” looking at forms of affordable housing such as Build to Rent Schemes.
The government will also ensure there is a three year minimum tenancy in new private rented sector accommodation.
The plans look to provide families and those saving for a deposit the reassurance to save.
With more and more families moving into the already-bloated private rented sector, the May administration are looking to take it on and “improve the system” for renters.
The change comes as the average couple pay around half their earnings on rent and the proportion of people living in the PRS has doubled since the millennium. Latest stats also show 2.2 million households with under average incomes spend more than a third of their income on housing.
Councils will also be urged to prioritise the Build to Rent developers and make it easier for them to build affordable options.
Speaking before the release of the White Paper, Sajid Javid, communities secretary, said: “We are determined to make housing more affordable and secure for ordinary working families and have a rental market that offers much more choice.
“We understand people are living longer in private rented accommodation which is why we are fixing this broken housing market so all types of home are more affordable.
“These measures will help renters have the security they need to be able to plan for the future while we ensure this is a country that works for everyone.”