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  • Section 24 HQ

    Lessons about the PRS learned from Ireland



    The Joseph Rowntree Foundation have issued a new report titled: "Regulation of the private rented sector in England using lessons from Ireland".

    This study compares the effectiveness of different forms of regulation in Ireland with existing approaches in England.

    Here are the key findings:

    • Tenancy registration in Ireland, and landlord licensing in some parts of England, are effective ways of collecting more accurate information about the size, composition and geography of the sector.

    • A core component of landlord licensing in England is an assessment of the management capabilities or practices of landlords, to enforce property standards. In Ireland, this is not part of their mandatory tenancy registration. Capacity to enforce standards is required.

    • Incentives are important to encourage regulatory compliance amongst landlords. In Ireland and England, compliance with registration or licensing conditions can be encouraged through eligibility for tax relief or restrictions of powers for those who fail to comply.

    • There is support for forms of registration in England that can help communicate information and policy change to landlords, as well as providing education and training to improve management practices. New forms of registration could use existing infrastructures, such as tenancy deposit schemes, to consolidate contact points for landlords.

    • Longer-term tenancies with protection from eviction can increase feelings of security, but these can be undermined by lack of affordability and poor property conditions.

    • Low-income tenants often struggle with accessing and keeping tenancies in the private rented sector, suggesting a role for support schemes that work with landlords to help tenants with these issues.

    The thrust of the report is that in both England and Ireland, forms of landlord licensing and tenancy registration were shown to have multiple benefits. In particular, the improved accuracy and monitoring of information on the sector given by registration and licensing make a strong case for some form of registration for landlords.

    One thing that caught my eye is their conclusion about mortgage interest relief:

    "The importance of incentives Incentives are an important mechanism to encourage landlords’ regulatory compliance. In Ireland and England, compliance with registration and licensing conditions can be encouraged through eligibility for tax relief or restrictions on the use of certain powers for those who fail to comply.

    Eligibility for mortgage interest tax relief in Ireland is dependent on tenancy registration, while some English local authorities incentivise licensing compliance by refusing ‘no fault’ eviction powers to those who fail to comply.

    Incentives continue to be important in Ireland, where more advantageous tax relief is available for landlords who let to low-income tenants for a minimum of three years, through the Housing Assistance Payment programme.

    There needs to be greater consideration of how incentives could improve the sector in England, particularly given recent punitive taxation changes that have been unpopular with landlords and could result in disinvestment".

    DOWNLOAD THE FULL REPORT 

    SEE ALSO  -           Ireland axes the Tenant Tax in 2017 Budget!

    UP NEXT -               "Axe the Tenant Tax Awareness Week" summary
     
    DON'T MISS -          Tenants face rent rises following tax changes

    NOW WATCH:

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    From the Irish newspaper, the Independent:

    Rents have shot up again, in a trend that piles even more pressure on Housing Minister Eoghan Murphy.

    The cost of accommodation rose by close to 8pc across the country in the last year, official figures show.

    The average rent nationwide is now €1,094. This is up almost €80 in the last year.

    In Dublin, city rents rose by 9.5pc, to almost €1,600 on average, according to the Residential Tenancies Board.

    A chronic shortage of accommodation is forcing up rents and hitting families hard.

    Despite the stark figures, Mr Murphy insisted that rents for existing tenants "seem to be in line" with rent pressure zones.

    However, the minister, who survived a no-confidence vote over his handling of the housing crisis on Tuesday, admitted that people are paying too much rent and the market will need to be better controlled.

    He added: "I will shortly be introducing new rent protection measures in to the Dail. I'll also continue to pursue measures to see longer leases and tenant protections when properties are sold.

    "And of course homesharing will be tackled in the very near future."

    Full/source article

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    Seems Ireland has learned the true impact of S24 and now got shot of it completely!

    Ireland increases mortgage int relief to 100%

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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director, site owner and moderator - propertytribes.com


    Ireland from today's Times

    Landlord numbers rise but rents go up by 8.3% amid squeeze on supply

    The number of landlords in Ireland has increased by almost 350 in the past year despite fears that many were leaving the market because of more regulations and high taxes.

    Figures from the Residential Tenancies Board (RTB) showed that there were 174,299 landlords in the first quarter of this year, increase of 348 on the same period in 2018.

    It comes after a report by Daft.ie showed there were only 2,700 homes available to rent on May 1, the lowest figure recorded in 13 years. The shortage is one of the main drivers of the cost of rents increasing year-on-year.

    Average monthly rent has increased by 8.3 per cent to €1,366 in January to March compared with €1,253 last year. The number of registered tenancies increased from 339,126 to 340,687.

    https://www.thetimes.co.uk/article/landl...-mvz2d08ct

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