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Private sector tenants face a perfect storm with the supply of homes to rent set to fall as demand increases.According to a survey of almost 3,000 landlords published today, 22 per cent plan to sell at least one of their properties over the next year, with just 18 per cent planning to buy additional properties to rent.The new data, published in the Residential Landlord Association’s (RLA) latest quarterly research, finds also that 33 per cent of landlords have seen an increase in demand for homes to rent over the past three years.Faced by an imbalance in the supply and demand for rental properties, 47 per cent of landlords indicated that they expected to increase rents over the next year. 35 per cent indicated that the changes to mortgage interest relief which will see landlords taxed on their turnover rather than their profit, unlike all other businesses, was the main reason why rents might increase.Commenting on the findings, RLA Chairman, Alan Ward, said:
“As demand continues to increase for homes to rent, punitive tax changes are discouraging investment by the majority of good landlords who want to provide accommodation.“Whilst efforts by the Government to support institutional investment in the sector are welcome, this will remain a drop in the ocean. “To meet demand, we need pro-growth taxation that actively supports and encourages the majority of landlords who are individuals providing good housing, to invest in the new homes to rent we so desperately need.” Here is a reprise of the Tenant Tax Week interview with Alan Ward of the RLA:SEE ALSO - Triple threat facing property market say RICSUP NEXT - Update: Sold 25 properties to date due to S24DON'T MISS - Rents rise as Landlords exit the sectorNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Perhaps the UK Govt needs to look across the Irish Sea and follow what the Irish Govt is now having to do to incentivise PRS LL to return to the sector.
This is due to the far more benign version of S24 that the Irish Govt experimented with so disastrously.
If there is a very good example of why S24 style taxation doesn't work, why doesn't the UK Govt accept it?
Do they seriously believe the results of a far harsher S24 regime will be better than how it turned out in Ireland?
History and mistakes and all that!
I have spoken via email to a number of MPs and one in the Lords and they all say similar
The Govt is not listening mode
we all know what will happen but we are seen as a problem not a solution to the UK housing shortage
Just write to MP and you will get the same standard letter level playing field
but drill down further and you will see some MPs understand this issue but they are powerless to do anything
Learn Change and Adapt ?????
UK govt politicians remain as arrogant, spineless and stupid as they have ever been. Fools with their full heads stuck firmly up the clueless arses, they are incapable of most and incompetent at the rest. George Osborne, Chief of Slime and dodgy practices with niche prostitutes, was one of the worst. Kicking that pr*ck out of govt was the best thing May ever did. Hammond should bin the retrospective aspect of sect 24 if he is gain any credibility.
I don't think S24 will go
Think of it this way what would the Govt win buy removing it
The answer has to be NOTHING
90% of the UK public have never come across S24
Its never in the news its only Landlord who understand it and even that number is limited
so don't hold your breath on this point
I have got used to S24 now I don't like it but I have to work with it
We just have to be thankful that the Budget did us know harm yesterday
If a Property Investor can hang in there take the tax and pay it they will succeed
Rents will rise Interest Rates are set to be low for years
everyone in business is paying more in Tax its not just us
Britain is in a real mess and we are just not top of the agenda
British politicians, backed by their half-wit civil servants, are far too arrogant to admit they got it wrong, even when presented with the Irish disaster...
More evidence published today:Source/full article - Landlord Today
You say this, but at my local LA there must be about 30 properties available in the windows and currently vacant.
If there was a shortage wouldn't the windows be empty!?
Until there are blank notices in LA windows I won't believe there is a rental shortage
They always fill their windows to keep them looking successful
fact is, many/most of the homes in the windows were sold/let a while ago
Yes you make a very valid point
All that glitters may not be gold!
So perhaps the rental stock is not available