9:52 AM, 4th October 2016, About 5 years ago 1
The Royal institute of Chartered Surveyors (RICS) has highlighted the risks in continuing to discourage the provision of new rental property by the Private Rental Sector (PRS). Reported findings from PWC show that there will be demand for an extra 1.8million new properties to rent rather than purchase by 2025.
Recent Statistics suggest 86% of Landlords are not looking to increase their rental portfolios and RICS forecast this slow down to continue for at least the next five years creating a massive lack of future supply for private rented properties.
The level of new investment in rental homes has fallen sharply since the introduction of a 3% surcharge on stamp duty for second homes along with the phased loss of mortgage interest relief for non-corporate purchasers.
RICS head of policy, Jeremy Blackburn, said “we are facing a critical rental shortage and need to get Britain building in a way that benefits a cross section of society, not just the fortunate few.
“The private rented sector became a scapegoat under the previous Prime Minister, and because of that it suffered.
“Yet with increasingly unaffordable house prices, the majority of British households will be relying on the rental sector in the future.
“We must ensure that it is fit for purpose, and the government must put in place the measures that will allow the rental sector to thrive.
“Any restrictions on supply will push up rents, marginalising those members of society who are already struggling.”
“It’s time for Theresa May to get out her hard hat. We are facing a critical rental shortage and need to get Britain building in a way that benefits a cross section of society, not just the fortunate few.”
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