Local Plan: Housing Evidence Base

Private Rented Sector Housing Evidence Base Briefing Note 16 (BN16) version 2

Summary Key Facts The private rented sector has undergone a period of significant expansion over recent years and now plays an important role The proportion of in the operation of the wider market, offering an alternative to private rented owner-occupation and the social rented sector. housing in Cornwall has risen Historically, the proportion of household spaces that were significantly since rented privately was generally higher in Cornwall than on 1981 (from 10% to average across the South West and England. Nationally, there almost 17% of was a significant rise in the proportion of spaces rented stock) with the most privately between 2001 and 2011 and the average for Cornwall significant increase is now on a par with the average for the South West and being in the last ten England. years.

Newquay, Launceston and Penryn are the towns with the Younger households highest proportions of private rented housing in Cornwall. The are far more likely to parishes of St Michael Penkivell, Boconnoc and Broadoak are privately rent in the rural parishes in Cornwall with the highest proportions of Cornwall than older private rented housing. households.

Rental figures provide information on the costs of accessing Private rented housing in a market area and long term trends will indicate any housing tends to be imbalances between demand and supply. A higher proportion more expensive than of a family’s income is required to access private rented both owner housing than both owner occupation and social rented housing. occupation and For example, in the case of a couple with one child they are social rented likely to spend 28% of their income on private rented housing housing. compared to 23% for owner occupation with a mortgage and 21% for social housing tenants. The median private rental of private In Cornwall, the Falmouth Penryn area is considered an active rented housing in market, together with the , Launceston and areas, Cornwall in 2014 whereas for the remainder of Cornwall, much of it is considered was £610 per month inactive at this time. compared to an average of £635 A central theme of the recently published Montague Review - across the South build to rent - has the potential to kick-start new housing West and £595 development and support economic growth. The private rented across England. sector is an important shock absorber in the housing market as it can expand and contract more quickly than the other sectors. 14% of households in private rented accommodation do not have enough rooms.

Source: Census, Valuation Office.

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National Policy and Context The NPPFi (paragraph 159) states that ‘local planning authorities should have a clear understanding of housing needs in their area. They should prepare a Strategic Housing Market Assessment to assess their full housing needs’ - the private rented sector comprises an important element of the housing stock in an area.

National Planning Practice Guidance (NPPG) is clear in its ‘Housing and Economic Development Needs Assessment’ii that ‘the housing need number suggested by household projections (the starting point) should be adjusted to reflect appropriate market signals, as well as other market indicators of the balance between the demand for and supply of dwellings. Prices or rents rising faster than the national/local average may well indicate particular market undersupply relative to demand. Relevant signals may include the following….. Rents provide an indication of the cost of consuming housing in a market area. Mixed adjusted rent information (adjusted to allow for the different types of properties rented in each period) shows changes in housing costs over time. Longer term changes may indicate an imbalance between demand for and supply of housing.’

The authorities that are used as comparators to Cornwall to identify any worsening trends in market signals are: • Devon – a county authority in the South West and a neighbouring authority; • Wiltshire – a county authority in the South West which became a unitary in 2009 at the same time as Cornwall; • Plymouth – as one of Cornwall’s partner SHMNA authorities and neighbouring authority; • South Hams – as one of Cornwall’s partner SHMNA authorities; • West Devon - as one of Cornwall’s partner SHMNA authorities and neighbouring authority.

DCLG Guidanceiii on producing Strategic Housing Market AssessmentsBN2 suggests a number of critical levels to test against income in order to evaluate the extent of the issue of affordability. The two core elements are: • Assessing whether a household can afford to buy a home; and • Assessing whether a household can afford to rent a home. Within its methodology for assessing affordability, the Guidance recommends the use of lower quartile (LQ) private rent prices to represent entry into the private rented sector. A household is considered able to afford market housing in cases where the rent payable would constitute no more than 25% of their gross household income.

Given the fluidity of definitions of affordability, it is helpful to take a step back and consider what affordability would look like using a measure that more directly addresses the implications of housing costs for living standards. Do families have enough income to pay for their housing costs as well as other essentials, such as transport and food? Are housing costs eating up such a large proportion of income that households have to cut back on other things that can be considered necessary as part of achieving a basic standard of living?

The cost of meeting a basic living standard is calculated by the Minimum Income iv BN17 Standard (MIS). The MIS quantifies the cost of essentials that families themselves deem necessary to participate in society, including food, drink, clothing, transport and healthcare but does not include luxuries. The table below indicates what the average family type spends on housing as a proportion of their income in England. This table particularly highlights the higher proportion of income required to rent privately when compared to other tenures.

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Housing cost to income ratios by family type and housing tenure for low to middle income households Couple with Couple with Couple with Couple with Single with Single with no children 1 child 2 children 3+ children no children children Social 21% 21% 17% 16% 29% 22% renter Private 33% 28% 27% 26% 38% 32% renter Owns with 22% 23% 25% 22% 31% 24% mortgage Notes: Excludes those who own outright; Source: Authors' analysis of DWP, Family Resources Survey 2010/11

Local Context Cornwall’s Housing Strategyv recognises that ‘Cornwall has a relatively lower proportion of social homes compared to regionally and nationally. This often means that these homes are rationed to the most vulnerable groups and that in Cornwall we must look to the private sector to meet need.’

Cornwall Council has set an ambitious programme in its latest Housing Investment Planvi by establishing a baseline four year housing investment programme. Priority 4 of this programme is about ‘Investment in our homes’. Cornwall needs to invest in its housing stock and has particular challenges around the age of the stock and the lack of thermal comfort in many homes. This ambition, as part of the Green Cornwall programme, is to improve the sustainability and thermal efficiency of people’s homes and to reduce the level of disrepair and fuel poverty in private rented stock.

Definitions The ‘private sector’ as used in housing policy and housing statistics, is generally referred to as the ‘private housing sector’ or the ‘non-social housing sector’ i.e. owner-occupied dwellings and those rented privately, including those that go with a job or business. It does not mean those dwellings owned by housing associations or local authorities as these are referred to as public sector dwellings.

The ‘private rented sector’ or ‘rented privately’ is defined as all non-owner-occupied property other than that rented from local authorities and housing associations plus that rented from private or public bodies by virtue of employment. This includes property occupied rent-free by someone other than the owner.

‘Rent payable’ is defined as the entire rent due, even if it is partially or entirely met by housing benefit.

Past Trends in the Private Rented Sector Censusvii information from 1981 onwards has shown that the proportion of household spaces that are rented privately was generally higher in Cornwall than on average across the South West and England. Nationally, there was a significant rise in the proportion of spaces rented privately between 2001 and 2011 and the average for Cornwall is now on a par with the average for the South West and England.

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Private Rented Accommodation 18% Cornwall 16% South West England 14%

12%

10%

8%

6%

4%

2%

0% 1981 1991 2001 2011

Current Position of the Private Rented Sector Cornwall has particular challengesviii around the age of the housing stock and the lack of thermal comfort in many homes. With limited public resources, the Council needs to target funding to secure the best outcomes and develop an investment led approach, matching private sector contributions with council resources. It is thought that: • 94,000 private sector dwellings fail the Decent Homes Standardix, mainly because of the lack of adequate heating and/or insulation and excess cold; • 18,050 dwellings failed the disrepair standard; • The worst conditions are in the private rented sector which also houses a high proportion of households in receipt of benefit (51%).

Nationally the private rented sector has undergone a period of significant expansion over recent years and it now plays an important role in the operation of the wider market, offering an alternative to owner-occupation and the social rented sector.

Across Cornwall, 16.8% of household spaces were privately rented in 2011. The proportion of spaces in Cornwall that are rented privately does vary, and the highest proportions are generally found in rural areasx and are often associated with large landowners, as indicated in the table below:

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Proportion of Household Spaces that are Privately Rented – Top Ten Rural Parish Proportion Urban Parish Proportion St Michael Penkevil 62.4% 24.5% Boconnoc 43.4% Launceston 24% Broadoak 39.3% Penryn 23% Egloshayle 33.9% 21.7% Werrington 29.9% Falmouth 21.4% St Eval 29.1% 20.1% St Ervan 27.8% 19.6% St Martin by 27.7% 19.4% Lanhydrock 25.4% 18.1% Pentewan Valley 24.3% 18%

The Valuation Office Agency (VOA) produces a series of dataxi entitled ‘Private Market Rental Statistics’ which collates information provided by private rental landlords. The latest available data provides both lower quartile and median rents for Cornwall for the period April 2014 to March 2015. The data is broken down by property size as defined by the number of bedrooms, with both the median and lower quartile rents shown:

Private Rental Levels 2014/2015 – Per Calendar Month Lower Quartile Median Size Cornwall South West Cornwall South West 1 Bedroom £445 £450 £485 £500 2 Bedrooms £550 £565 £595 £625 3 Bedrooms £650 £675 £695 £750 4 Bedrooms £795 £895 £895 £1,125 All Properties £530 £535 £625 £650

Private rents in Cornwall are less expensive than the average for the South West. The following Chart shows how median private rents per month have increased in the last four years for Cornwall compared to the South West and England:

Median Monthly Private Rents £660 Cornwall South West England £640

£620

£600

£580

£560

£540

£520 2011-12 2012-13 2013-14 2014-15

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The local Strategic Housing Market Needs Assessmentxii BN2 undertook a workshop with local private rented sector landlords that resulted in a number of conclusions in trying to understanding demand and supply in the private rental market: • The affordability pressures faced by households unable to purchase a property have been a fundamental driver in the demand for private rented stock across the area. • This has particularly affected those aged 16 – 24 who are unable to save a deposit. It was also suggested that there had been a perception shift in this age group with people expecting to rent rather than buy and actually seeing it as an attractive option. • Wages across the area are comparatively low and this has been further compounded by the recession. By contrast house prices have remained high in certain areas, creating barriers to home ownership and increasing the attractiveness of the private rented sector. • The view was shared that the high demand from households receiving housing benefits was not a reflection of the desire to be in the private rented sector, but was as a consequence of the shortage of appropriate social rented stock. • The student market is considered to be a significant component of demand for private rented stock in some areas. • There was also some discussion around the impacts of Welfare Reform. The Single Room Rentxiii (SRR) was noted as creating a strong demand for what was previously student ‘house in multiple occupations’ (HMO) within the market. This was highlighted as an impact of policy reform which needed to be carefully monitored to ensure that the impact of changing tenants and market demand didn’t have a detrimental impact on the wider operation of the housing market in those affected areas. • The main area of concern associated with the introduction of welfare reform was the plan to make tenants responsible for paying rent. This had created a strong feeling of ‘fear’ amongst landlords around the management of stock and the ability to make a return in this market sector. It was suggested that currently 14% of rents at the lower end of the market go towards management costs (collecting rents / managing tenants / addressing damage to stock etc.). It was felt that the impact of reforms will be that this figure could rise further squeezing the return that landlords can get from the sector therefore again acting as a motivation for landlords to exit this part of the market. • It was noted that there was already evidence of landlords moving away from accepting housing benefit claimants in blocks of multiple lettings as it was felt that they had a negative impact on other tenants.

Several SHMNA younger person focus group participants cited bad experiences with unscrupulous private landlords, which had put them off privately renting in the future. A number of participants also reported having bad experiences when living in shared private rented accommodation (not getting on with other persons/disputes etc.). As a result, all were keen to avoid shared accommodation. Affordability in the private rented sector was also cited as a major obstacle. Prices for a 1 bedroom flat in Truro were quoted at £500 per calendar month, and upwards. This was seen as being unaffordable to most participants.

Younger people are far more likely to privately rentxiv than other age groups as shown in the graph below:

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Proportion of Household Reference Persons living in Private Rented Accommodation by Age 70%

60%

50%

40%

30%

20%

10%

0% Under 24 25-34 35-49 50-64 65+

The private rented sector is generally considered a ‘stepping stone’ between ownership and social rented properties. This has an important bearing on understanding the levels of need for different tenuresxv of housing in the short to medium term in terms of their affordability, as indicated in the table below:

Affordability Benchmarks – Annual Income Required To purchase Private Private Social Social LQ house Rented LQ 2 Rented 3 Rented 2 Rented 3 (3.5 times Bed Bed Bed Bed income - Dwelling Dwelling Dwelling Dwelling 10% (25% (25% (25% (25% deposit) income) income) income) income) Cornwall £37,273 £25,680 £30,000 £15,451 £16,959

Hometrack analysisxvi shows that 75% of private rental lettings in 2011 were concentrated in just a quarter of the UK. Hometrack has segmented the rental market across the country, dividing it into mature, active and inactive markets: • Mature markets are those markets with high concentrations of rental supply and strong turnover and are clustered in just 7% of the country, accounting for 29% of the UK’s rental stock. These tend to be large urban areas - often university towns - where rental demand is at its greatest. In Cornwall, the Falmouth Penryn area is considered an active market, together with the Truro, Launceston and Saltash areas. • Inactive markets account for 71% of the country and contain 38% of the UK’s private rental housing stock. Inactive markets are defined by areas where rental demand is at its lowest and landlords run the risk of long periods of voids. For Cornwall, much of the area is considered inactive at this time.

A central theme of the recently published Montague Review - build to rent - has the potential to kick-start new housing development and support economic growth. The private rented sector is an important shock absorber in the housing market as it can

BN16: Private Rented Sector: Version 2: December 2015 7 Cornwall Local Plan: Housing Evidence Base expand and contract more quickly than the other sectors. Rents are risingxvii but the fact is that rents today are broadly in line with where they were four years ago.

One central driver of rental growth has been higher levels of occupancy for private rented homes compared to the owner-occupier market. Over 50% of market rented homes in London are fully occupied compared to just a fifth in the owner-occupied sector. This means that there are often multiple household incomes in a residence to help pay the rent. Across the rest of the country occupancy levels for private rented homes are three times higher than for owner occupation. The graph below shows that for Cornwall the levels of over occupancy (ratings of +1 or more rooms) is considerably less than of those in the owner occupied tenure, and there are 14% of households in the private rented sector that don’t have enough rooms compared to just 2% in the owner occupied sector.

Occupany Rating of Rooms by Tenure in Cornwall

Private rented or living rent free

Social rented

Owned or shared ownership

0 10 20 30 40 50 60 70 80 90 100

Occupancy rating of +2 or more rooms Occupancy rating of +1 rooms Occupancy rating of 0 rooms Occupancy rating of -1 or less rooms

The pressure on households unable to access outright home ownership shows little sign of improving in the medium term. The net result is that away from London tenants are paying a monthly rental premium of 5-10% over the cost of buying a property because they haven’t got the deposit to buy a home.

The Hometrackxviii report goes on to suggest that a modest bounce-back in residential capital values over the last three years has encouraged private investors to enter the market. Buy-to-let investors account for around 7% of all residential transactions, down from a high of 11% in 2007 and lower still in absolute terms even though the credit crunch has not squeezed this market as hard. Cash buyers are often ignored but now account for over a third of all residential transactions. While rental supply has been growing at an accelerating rate over recent years Hometrack don’t expect rising supply to materially impact rental growth in the short term. The over-riding strength of demand means that they expect rents to keep rising but growth will be capped by affordability constraints.

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The Future of the Private Rented Sector The Montague Reportxix and the recent announcements by the Government to help stimulate the supply of rented housing are important for a sector that has historically failed to be seen as part of the solution. Debt guarantees of up to £10bn and a £200m equity fund to pump prime schemes will help but the delivery of more rented housing seems inextricably wrapped up in land viability issues. House builders have not embraced the build to rent model. The reality is that the value of a private rented home is around 75% to 80% of open market value on a net present value basis and no builder plans to sell private housing at this level of discount.

The Montague recommendations were that local authorities review their affordable housing requirements and consider developing private rented homes as these attract a lower discount to open market value than affordable homes without any capital subsidy. Alternatively there is the potential to take proposed developments with a mix of private and affordable housing and deliver 100% private rental schemes. The question remains as to whether local authorities will be prepared to forgo the delivery of new affordable homes in exchange for other tenures that enable housing delivery in their local markets.

It does however need to be borne in mind that the private rental sector is not a viable tenure in many parts of the country. Seventy five percentxx of lettings in the last year were concentrated in just a quarter of the UK by area. The ‘mature’ private rental markets with high concentrations of rental supply and strong turnover have a differing regional coverage and although the rental market will continue to grow, this growth will be concentrated in urban locations where there is a deep pool of demand. Using the private rented sector to stimulating housing supply in other markets is less of an option and getting investment into more ownership forms of housing tenure such as shared equity or shared ownership will form the primary solution.

Cornwall Council will maintain a loans programmexxi for private landlords to improve the homes rented to vulnerable tenants and for owners to bring empty properties back into use.

The Strategic Housing Market Needs Assessmentxxii workshop with local private rented sector landlords considered that historic rates of market growth were unlikely to be repeated in the next 10 years due to the changes in the buy-to-let mortgage market and reluctance of lenders in relation to this market.

Private Rental Costs as a Market Signal Long term private rental data is generally not available and this paper provides the only detailed information on how Cornwall compares to other comparator authorities and England. The graph below summarises available data on median monthly private market rents for Cornwall, Devon, Wiltshire, the South West and England. As shown, Cornwall’s median monthly rent over the last three years of data is similar to that of Devon and the South West average, quite a bit lower than that of Wiltshire and higher than the average across England.

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Median Monthly Private Rents

£690

£670

£650

£630

£610

£590

£570 Cornwall Devon Wiltshire South West England £550 2011-12 2012-13 2013-14 2014-15

Since 2011/12, median private rents in Cornwall have increased by 5% which is at a slightly lower rate than other authorities in the South West (Devon 6.7% and Wiltshire 6.9%) and the South West average (5.8%). Cornwall’s median private rent in 2014/15 was £625 compared to £635 in Devon and £695 in Wiltshire. Data available on median private rent increases in terms of the SHMNA authorities shows increases of 10.8% for the City of Plymouth, 14.2% for South Hams and 8.2% for West Devon, indicating that Cornwall has seen the lowest rise in private rents of the authorities in the local housing market area.

What is clear from this graph is that private rents in Cornwall do not show any significant differences to the pattern demonstrated by the other areas and are generally lower than in the comparator areas. As such rents should not be considered a factor that could lead to an increase in the housing requirement as currently identified.

Risk Assessment At this time data used do not reflect the full impacts of welfare reformBN22 on the need for help with housing costs. A recent reportxxiii looking at the cumulative impacts of the welfare reforms would suggest that by 2015/16, the income of households claiming benefits will be on average across Cornwall between £1,566 and £1,665 lower per year. In terms of the key housing benefits, the average loss per claimant household in Cornwall by 2015/16 will be a loss of £979 per year, and this will impact 11.6% of all households. There are two ways that losses from welfare reforms can be reduced or avoided and this is by moving home or by finding work. It will be some time before the full impact of welfare reform on the private rented sector is known.

Much of the private rented sector is beyond the control of planning particularly in terms of private rented stock condition.

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Examination Findings Market signals that indicate whether or not uplift in the housing requirement above the demographic based estimate of housing need is required are now a common feature of Local Plan examinations.

Use in Cornwall Local Plan A number of studies have been used as the evidence base to support the development of affordable housing policies in the Local Plan and these specifically use private rental prices and affordability analysis including: • The ‘Cornwall Strategic Housing Market Evidence Basexxiv’ (2010) accompanied the Core Strategy Options Report and ‘Our Preferred Approach for a Core Strategy’ - http://www.cornwall.gov.uk/Default.aspx?page=17559 • Emerging work from the ‘Cornwall Strategic Housing Market Needs Assessment’ (July 2013) which is part of the wider Plymouth City Council, South Hams District Council, West Devon Borough Council, Dartmoor National Park and Cornwall Council Strategic Housing Market Needs Assessment informed the Cornwall Local Plan Strategic Policies Pre Submission Version - http://www.cornwall.gov.uk/Default.aspx?page=33218 • Strategic Housing Market Needs Assessment Main Report: Plymouth City Council, South Hams District Council, West Devon Borough Council, Cornwall Council and Dartmoor National Park accompanied the Cornwall Local Plan: Strategic policies Proposed Submission document - http://www.cornwall.gov.uk/housing/affordable- housing/affordable-housing-policy/strategic-housing-market-needs-assessment/

Private rental prices and affordability are part of the context for housing and as such are included in general housing papers including: • Housing Topic Paper (February 2011) accompanied the Core Strategy Options Report - http://www.cornwall.gov.uk/Default.aspx?page=32790 • Housing Topic Paper (January 2012) accompanied ‘Our Preferred Approach for a Core Strategy’ - http://www.cornwall.gov.uk/Default.aspx?page=32791

Accompanying Briefing Notes BN2 – The Housing Market & Strategic Housing Market Needs Assessments BN17 – Incomes & Earnings BN22 – Welfare Reform

Further Information: 1. Barriers to Institutional Investment in Private Rented Homes which examined how best to encourage greater investment in rental properties and sought to explore the factors that might encourage institutions to invest in new homes for rent. https://www.gov.uk/government/publications/private-rented-homes-review-of- the-barriers-to-institutional-investment i DCLG (2012) National Planning Policy Framework - https://www.gov.uk/government/publications/national-planning-policy-framework--2 ii DCLG (2014) Assessment of Housing and Economic Development Needs

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iii DCLG (2007) Strategic Housing Market Assessments Practice Guidance - https://www.gov.uk/government/publications/strategic-housing-market-assessments-practice- guidance iv Resolution Foundation (2013) Home Truths: how affordable is housing for Britain’s ordinary working families - http://www.resolutionfoundation.org/publications/home-truths- affordable-housing-britains-ordinary-working-families/ v Cornwall Council (2014) Strategic Housing Framework: Our Strategy for Cornwall 2014-1019 - http://www.cornwall.gov.uk/housing/housing-strategy/ vi Cornwall Council (2012) Building homes, sustaining jobs and lives: Cornwall’s investment plan for housing 2012-2016 - http://www.cornwall.gov.uk/default.aspx?page=23116 vii Office for National Statistics (various) Census - http://www.ons.gov.uk/ons/guide- method/census/2011/index.html viii Cornwall Council (2012) Building homes, sustaining jobs and lives: Cornwall’s investment plan for housing 2012-2016 - http://www.cornwall.gov.uk/default.aspx?page=23116 ix DCLG (2006) Decent Homes Standard - https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/7812/138355. pdf x ONS (2012) Census 2011 – KS402 Tenure xi GVA/Edge Analytics (2013) Strategic Housing Market Needs Assessment Main Report: Plymouth City Council, South Hams District Council, West Devon Borough Council, Cornwall Council and Dartmoor National Park xii GVA/Edge Analytics (2013) Strategic Housing Market Needs Assessment Main Report: Plymouth City Council, South Hams District Council, West Devon Borough Council, Cornwall Council and Dartmoor National Park xiii The single room rent is the maximum rent used to calculate housing benefit for single claimants who are under 35. xiv ONS (2012) Census 2011 - DC4201 Tenure by Ethnic Group by Age – Household Reference Person xv GVA/Edge Analytics (2013) Strategic Housing Market Needs Assessment Main Report: Plymouth City Council, South Hams District Council, West Devon Borough Council, Cornwall Council and Dartmoor National Park xvi Hometrack (2012) Rental market does not Work Everywhere - http://www.hometrack.co.uk/press-room/latest-press-releases/rental-market-does-not-work- everywhere xvii Hometrack (unknown) Matching growing investor appetite for residential with the realities on the ground - http://www.hometrack.co.uk/our-insight/commentary-and-analysis/matching- growing-investor-appetite-for-residential-with-the-realities-on-the-ground xviii Hometrack (unknown) Matching growing investor appetite for residential with the realities on the ground - http://www.hometrack.co.uk/our-insight/commentary-and-analysis/matching- growing-investor-appetite-for-residential-with-the-realities-on-the-ground

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xix DCLG (2012) Montague Review: Barriers to institutional investment in private rented homes - https://www.gov.uk/government/publications/private-rented-homes-review-of-the- barriers-to-institutional-investment xx Hometrack (2012) Rental market does not Work Everywhere - http://www.hometrack.co.uk/press-room/latest-press-releases/rental-market-does-not-work- everywhere xxi Cornwall Council (2012) Building homes, sustaining jobs and lives: Cornwall’s investment plan for housing 2012-2016 - http://www.cornwall.gov.uk/default.aspx?page=23116 xxii GVA/Edge Analytics (2013) Strategic Housing Market Needs Assessment Main Report: Plymouth City Council, South Hams District Council, West Devon Borough Council, Cornwall Council and Dartmoor National Park xxiii Local Government Association/Centre for Economic & Social Inclusion (2013) The Local Impacts of Welfare Reform: an assessment of cumulative impacts and mitigations xxiv Peter Smith Research & Consulting (2010) The Cornwall Housing Market Strategic Evidence Base - http://www.cornwall.gov.uk/Default.aspx?page=17559

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