X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Property-a-holics

    Tenants hit hardest by Government focus



    Tenants in private rented housing are bearing the brunt of the Government’s focus on boosting homeownership at the expense of the rental market.

    According to the latest figures from the Royal Institution of Chartered Surveyors (RICS), a fall in the supply of private rented housing whilst demand from prospective tenants increases is “likely to squeeze rents higher.” 

    Tenant demand has picked up despite the Government’s efforts to boost homeownership and RICS notes that many respondents to its latest residential market survey saw a rise in the number of enquiries from new home buyers in July.

    Over recent years tax changes by the Government, including restricting mortgage interest relief to the basic rate of income tax and introducing a three per cent stamp duty levy on the purchase of new homes to rent out, have led some landlords to leave the market.

    This is despite the Institute for Fiscal Studies warned that it was “plain wrong” to argue that landlords were taxed more favourably than homeowners. The Chartered Institute of Housing has also noted that “tax reliefs deliver a much bigger benefit to home-owners than they do for private landlords.”

    David Smith, Policy Director the Residential Landlords Association, said:

    “These figures demonstrate yet again that hitting the private rented sector to boost homeownership serves only to hurt tenants. Demand from tenants and new buyers is increasing at the same time. It is vital that the needs of both groups are met.

    “The Government needs to stop making landlords the scapegoat for the housing crisis and embark on a raft of pro-growth measures to boost the supply of homes for the private rented sector. If they do not, supply will continue to fall, meaning higher rents, less choice, and a reduction in quality for tenants.”

    SEE ALSO  -         Section 21 Consultation now LIVE!

    UP NEXT -             Rents rise as Landlords exit the sector

    DON'T MISS -        Landlord death by 26 cuts

    NOW WATCH:

    0
    0
    Raising PRS rents is an unstated government objective. When tenants find little difference between renting and purchasing, more will chose to purchase, pleasing the Tory donors from the building industry. Tory help to buy schemes do the same.
    0
    0