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Landlords are urging the candidates to lead the Conservative Party to adopt a more positive approach to the private rented sector.In a letter sent to Jeremy Hunt and Boris Johnson the Residential Landlords Association warns that the interests of tenants are not being well served by policies which are reducing the supply of homes to rent.According to Government data, 10 per cent of landlords representing 18 per cent of all tenancies in the sector plan to reduce the number of properties they rent out whilst 5 per cent of landlords representing 5 per cent of tenancies plan to leave the sector altogether. Recent RLA research suggests that 46 per cent of landlords are planning to sell some or all of their properties.This comes following a raft of Conservative policies aimed at dampening investment in the market, including imposing a tax on landlord investment in new homes to rent. This means that landlords investing in new rental housing are hit by a 3 per cent stamp duty levy.Most recently the Government has proposed limiting the ability of landlords to repossess properties when they need to.As a result of the fall-off in investment, the Royal Institution of Chartered Surveyors has warned that expectations for increasing rents are now at their highest point for 3 years.The RLA is calling on the leadership candidates to back its 5 point plan for the sector, namely:
· Pro-growth taxation to ensure enough homes to rent to meet growing demand.
· A fair system for repossessing properties that protects tenants from unfair evictions whilst retaining the confidence of landlords to regain possession of their property where there is a legitimate need. This needs to be coupled with a dedicated, housing court to settle disputes swifter and easier.
· Supporting vulnerable tenants by ending the Local Housing Allowance cap.
· Rooting out criminal landlords by providing councils with more resources to better use the powers they already have.
· Rejecting all forms of rent controls which serve only to dry up the supply of homes to rent, reducing choice for tenants and thereby increasing rents overall.David Smith, Policy Director for the Residential Landlords Association, said:“The new Conservative Prime Minister needs to reconsider the approach to the private rented sector. Otherwise the situation for tenants will just get worse as they face less choice and higher rents because of a growing shortage of properties.“We need a raft of changes that will encourage more investment in high standard homes rather than efforts to scapegoat landlords for failures by successive governments to build enough homes.”SEE ALSO - S24 discourages landlord expansion - £50K capUP NEXT - RLA warns of mass sell-off by landlordsDON'T MISS - Boris - raising higher rate tax thresholdNOW 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**
Landlords are the collective punching bag for Successive Governments failure to build enough homes for First Time Buyers, or at least homes they want.
Though the RLA is forgetting that Conservatives want a home-owning democracy, they dont mind landlords with a small market share. The RLA writing that Landlords are not expanding is music to their ears.
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
Well, its like I said. They do not mind landlords with a small market share. What do they think of this article from the Independent: "the UK has experienced the largest fall in home ownership of any country in the EU. The proportion of people owning their own home collapsed from 73.3 per cent in 2007 to 63.4 per cent in 2016"
Especially when it's in the Tory Ethos Home Owners Vote Conservative.
I've never seen the variety of reasons why the proportion of people owning their own home collapsed from 73.3 per cent in 2007 to 63.4 per cent in 2016 - do you know Adam?
Did so many people bail out into rented accommodation due to the financial crisis in 2008 and never returned?Someone bought all those 9.9% of properties - can't all have been LL's???
Yes it fell to 63.4% in 2016, then started to climb the following year - https://tradingeconomics.com/united-king...rship-rate
In actual numbers the number of owner occupied dwellings in GB peaked at 17,660k in 2008, dropped to 17,200k in 2014 and was back up to 17,619k in 2017 - https://www.gov.uk/government/statistica...ng-vacants
Re point one, exactly!
Re point two, not sure I fully understand. Isn't it the small landlords with a small market share who are being driven out?
Given how many Tory party voters must be landlords, quite apart from the drying up of supply for the population as a whole, I have been amazed at their recent policies re landlords