8:00 AM, 20th April 2023, About 8 months ago
A manifesto calling on the government to rapidly step up its support for the lettings sector has officially been launched.
It’s the brainchild of rentech firm Goodlord and is called Renting Done Right.
The firm says the manifesto has been created after discussions with focus groups and roundtables involving more than 1,500 agents, landlords and tenants.
The result is a list of 10 recommendations for the government to consider.
Goodlord’s chief executive, William Reeve, said: “This manifesto is the result of months of work and in-depth discussions from across the letting industry.
“The feedback is clear: the industry needs more consistency, more support, and more incentives if we want to get the rental market onto a firmer footing.
“We hope this manifesto helps unlock conversations that help make renting better. The time to act is now.”
As part of its research, Goodlord says many agents and landlords want to see more robust incentives for the sector – and three-quarters of landlords (77%) said financial incentives should be the government’s top priority to keep landlords in the sector.
Many landlords are also keen to see a reinstatement of tax relief under section 24.
This tax law change came into force in 2020 and means landlords cannot claim as much tax relief as before.
The survey also shows that 37% of letting agents believe that reinstating tax relief should be the government’s top priority, and 29% of landlords agreed.
However, opinion between agents and landlords was divided on the other top tax incentives they felt the government should prioritise.
More than 11% of agents called for removing the 3% stamp duty surcharge – but just 6% of landlords felt the same.
Meanwhile, 11% of landlords argued for increasing capital gains tax allowance – while only 1% of agents agreed.
Goodlord’s manifesto ‘Renting Done Right’ can be downloaded as a PDF.