According to Newcastle City Council figures, home ownership in the north east has fallen to its lowest level since 1986. Only inner London has a lower percentage of people owning their own house.
The reasons contributing to this shift towards renting are varied and complex. And with no quick fix on the horizon it means urgent solutions are being sought to the expensive problems being caused to Councils and Housing Associations.
Stepping into the void
The time and expense of turning around unoccupied - or void - properties is increasing year on year. The accumulated cost of inspection, repairs, gas/ electric supply issues and administration is simply unsustainable.
In an ideal world there would be no voids, of course. But the reality is, there is no longer a big demand for lifetime tenancies. And the growth of the public sector means there is increased competition to find new tenants. Giving more choice to prospective renters.
So what can be done?
One advantage would be to have advance knowledge of potential void properties. This would allow plans and timelines to be put in place for assessment and any repairs. Because it is not just a case of getting a property back on the market, the void needs to appeal to renters.
The demand for certain homes will depend on the area. There could be competition from the Private Sector and specialist targeting may be required. All of which takes time and money.
Using Data Analytics to get housing in order
This demand for greater insight into tenant behaviour is being met by Hippo Marketing. Using the very latest data analytics techniques, Hippo is offering an innovative new way to manage voids more efficiently and make significant savings.
Based on historical rental records of both property and tenants, plus sourcing key additional socio-demographic and geographic information Hippo is able to plot clear patterns and trends of tenant behaviour.
Not only does this help Councils and Housing Associations to match people to suitable properties more successfully. But this unique data-backed intelligence can be used as an ongoing resource to guide the distribution of funds, to shape future policy and prompt better decision making.
All fundamental to tackling the costly housing crisis gripping the North East.