0:01 AM, 31st January 2020, About 2 years ago 14
Growth in the number of short-term lets across the country is a symptom of skewed policy that favours holiday homes over long-term properties to rent.
A new report published today by ARLA Propertymark suggests that nearly half a million properties could be left unavailable for longer-term rent as more landlords exit the market in favour of short-term lettings.
The Residential Landlords Association argues that this is in large part because the tax system favours holiday homes over the provision of long-term homes for private rent. Whilst the Government has almost completed the process of restricting mortgage interest relief for landlords to the basic rate of income tax, this measure does not apply to furnished holiday lets.
David Smith, Policy Director for the Residential Landlords Association, said:
“Today’s report highlights how inconsistent the Government’s approach to the rental market now is. On the one hand the Ministry of Housing wants to encourage more landlords to offer properties to tenants on a long-term basis. On the other hand the Treasury has a tax system which makes renting out holiday homes more appealing at a time when demand for homes to rent is outstripping supply.
“What we need is a tax system that supports and encourages the majority of hard working landlords doing a good job to provide the long-term, quality rental accommodation tenants desperately need. We call on the Chancellor to do this in his forthcoming Budget.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleAre rogue landlords sitting on £1.2 billion?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|