15:54 PM, 11th March 2020, About 2 years ago 8
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.”
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
|“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|