PRIVATE SECTOR RENTS MAY INCREASE BY OVER 20% IN THE NEXT FIVE YEARS
- 09 Mar
The Residential Landlords Association (RLA) refer to figures from the Royal Institution of Chartered Surveyors (RICS) showing a prediction that private sector rents will increase by over 20% in the next five years.
This prediction connotes the following:
- Landlords will not be taxed based on profits but turnovers
- Mortgage interest relief will be cut to income-tax rate
- Data by David Miles, a former member of the Bank of England's Monetary Policy committee - that "rents would need to increase by between 20% and 30% for landlords to offset the impact of these measures, coming alongside a stamp duty surcharge on the purchase of homes to rent out" has been confirmed
The data from the RICS survey also showed that about 1/3 of those who responded to it felt that vulnerable tenants were finding it more difficult to access rented housing.
According to 24Housing, David Smith, RLA Policy Director, said:
"Today's survey is a reminder that it is tenants who will ultimately suffer as a result of the Government's punitive tax changes.
"We need a tax system that supports rather than hinders housing growth but yesterday's budget did nothing to achieve this despite repeated warnings from the RLA and others over the last 18 months that these changes would have negative effects on landlords and tenants.
"Even at this late stage we call on all sides to work with the RLA as it develops its own blueprint for a sector that provides the homes to rent we so desperately need."
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For more details, visit 24Housing for more details.
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