Tenants failed by Budget

by Property 118

15:54 PM, 11th March 2020
About 7 months ago

Tenants failed by Budget

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Tenants failed by Budget

Tenants will continue to face a rental supply crisis as the Chancellor’s Budget has today failed to boost the supply of privately rented homes.

Following years of tax hikes on the sector, organisations including the Royal Institution of Chartered Surveyors, Hamptons International, Zoopla and ARLA Propertymark have warned that private sector rents are set to rise as the demand for such homes outstrips supply.

The Residential Landlords Association and the National Landlords Association warn that this only makes it harder for tenants to save for a home of their own. Professor David Miles, a former member of the Bank of England’s Monetary Policy Committee, has warned that “aspiring first-time buyers are hardly helped by squeezing the supply of rental property and driving rents up.”

The RLA and the NLA had called for the Chancellor to scrap the stamp duty on the purchase of additional homes where landlords invest in property adding to the net supply of housing such as new build properties or bringing long term empty homes back into use.

In a joint statement, the Residential Landlords Association and the National Landlords Association said:

“The Government is undermining its own efforts to boost homeownership through its attacks on the private rented sector. By choking-off supply and making renting more expensive it is tenants who are hardest hit.

“Ministers need to wake up to the reality of the damage their tax measures are doing to the private rented sector and support landlords to provide the new homes for private rent we desperately need.”



Comments

Whiteskifreak Surrey

17:03 PM, 11th March 2020
About 7 months ago

Section 24 needs to be scrapped first.

Gromit

9:52 AM, 12th March 2020
About 6 months ago

This Government are totally clueless when is comes to housing. The more they interfer the worse they make the situation. Abolishing Sec.21 Notices is their next disaster in the making.

Coastal

11:12 AM, 12th March 2020
About 6 months ago

Clearly the missed opportunity yesterday to help both tenants and the PRS sector itself, demonstrates the governments continued determination to steer many landlords into the ground - particularly those whom had committed to mortgages!

It also demonstrates that holiday homes are still considered more important than affordable rental properties for families, now with the potential benefit of a £3000.00 grant and rate relief. Astonishing!

John MacAlevey

11:36 AM, 12th March 2020
About 6 months ago

A decade ago HMG worried many people into landlording by saying that `don`t rely on state pensions` . Thereafter thousands of new properties & landlords came to the PRS market. Some bought wisely, others not so. The recent scatter-shot attacks on landords is designed to release reluctant landlord`s properties back to the 1st time buyer market & dwindle the PRS. It reminds me of `buy diesel cars` the a decade later..`stop buying diesel cars` Short term politicking for retaining power at any cost.

Richard Adams

12:24 PM, 12th March 2020
About 6 months ago

Replying to Gromit - 0952 hrs comment - "This government" has only been in office since mid December. With a lot on their plate from outset and now coronavirus on top let's give them a break for a few months at least.

Gromit

18:18 PM, 12th March 2020
About 6 months ago

Reply to the comment left by Richard Adams at 12/03/2020 - 12:24
But they are continuing with the same policies as far as the PRS is concerned, whereas they could've put everything in the pipeline on hold.

Bristol Landlord

13:49 PM, 14th March 2020
About 6 months ago

Reply to the comment left by Richard Adams at 12/03/2020 - 12:24
When you say “a lot on their plate from outset” I presume you mean implementation of the upcoming Brexit train wreck which is why this particular Tory government wanted to get voted into power in the first place,
I suppose a government intent on damaging its countries wider economy isn’t going to care very much for listening to the experts on housing. The experts who could advise on tackling the rental supply crisis by ceasing the attacks on the very people who provide much of the rental supply, ie Landlords.
I see no good reason to give these idiots in government a break for a few months.

Richard Adams

14:09 PM, 14th March 2020
About 6 months ago

Reply to the comment left by Bristol Landlord at 14/03/2020 - 13:49
Hold whatever point of view you like. Amusing to recall that pre the election there was a plethora of opinions from members of this forum on whom they would vote for. Quite a few indicated Labour and others but not Conservatives at any price which surprised me somewhat them being landlords. The jury remains out on whether the government we now have will listen to our proper cries for tackling the rental supply crisis. I suspect they will in due course. You and I doubtless come from diametrically opposite political spectrums but there is surely one thing we can agree on? While there must be hope the Conservatives will eventually tackle the rental supply crisis, had they not won the December GE Corbyn or anyone else would DEFINITELY not have done so -ever. Yet some landlords clearly voted Labour it seems. Funny old world isn't it?


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