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  • Buy-to-Let

    RICS urge Government "look at PRS as a whole"

    The government is under pressure to look again at the private rented sector as rocketing demand is now coupled with a shrinking availability of rental homes.

    The shifting balance between homeownership and renting continues unabated, with the proportion of renters in the UK doubling over the past 20 years.

    The Royal Institute for Chartered Surveyors (Rics) is warning the government that as smaller landlords are being pushed out of the market due to the removal of mortgage interest tax relief, combined with stricter lending criteria and a higher stamp duty burden, the increasing demand for rental property could see rents pushed up by 15% over the next five years.

    Abdul Choudhury, Rics policy manager, said:

    “Withdrawing tax breaks that small landlords relied on, placing an extra 3% on second home stamp duty, and failing to stimulate the corporate build-to-rent market, has understandably [had an impact on] supply.

    “[The] government must urgently look again at the private rented sector as a whole, including ways to encourage good landlords.”

    “Ultimately, [the] government must consider the impact of its policies, and if the wish is to move away from the private rented sector, it must provide a suitable alternative.”

    https://www.buyassociation.co.uk/2018/08...of-market/

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.