Propertymark urges the Welsh government to help landlords

Propertymark is calling on the Welsh Government to implement a ‘pro-growth’ 2025-26 Budget, focusing on stimulating the private rented sector (PRS), boosting homeownership and addressing the issue of empty commercial properties.

The professional body welcomed the increased funding of £21 billion for the Housing Support Grant but urged the government and local authorities to use it more effectively to support landlords and reduce homelessness.

To encourage investment in the PRS, Propertymark suggests exempting new long-term rental properties from Land Transaction Tax and incentivising landlords to decarbonise with grants and loans.

To boost homeownership, it is proposing extending the government’s Help to Buy scheme to include older properties and new builds that are put back on the market.

Propertymark also advocated for the adoption of High Street Rental Auctions, which would empower local authorities to auction long-term empty commercial properties, reviving town centres.

Encourage investment from landlords

Tim Thomas, Propertymark’s policy and campaigns officer, said: “The next Welsh Budget, despite receiving more money from the UK Government than previous years, will still be challenging for public finances.

“Given the challenges that the housing sector faces, now is the time to encourage investment from landlords, support vulnerable households, ensure local authorities are funded to support communities and boost our towns and city centres.

“This will ensure more homes, higher standards and bring economic growth across the country.”

Support private landlords

Propertymark also argues that Welsh local authorities need adequate funding to support new and existing legislation demands, such as ensuring property standards and enforcing building safety.

And, given the scale of homelessness, it is challenging the government and local authorities to use the Housing Support Grant more radically to support private landlords and their agents in reducing homelessness.

The Welsh Government will publish its outline and detailed draft Budget on December 10, 2024.

This will outline the tax, spending and financing plans for Wales for 2025-26 – the final budget will be published on February 25, 2025.