Conservative Plans do Nothing to Address Shortage of Homes to Rent
Responding to proposals in the Conservative Party’s 2024 general election manifesto to scrap Capital Gains Tax for two years where landlords sell properties to sitting tenants, Ben Beadle, Chief Executive of the National Residential Landlords Association, said:
“Tenants who want to become homeowners should be supported to do so. Whilst incentivising landlords to sell to existing tenants has the potential to help, it will not reverse the damage to the rental market caused by tax hikes under recent Conservative governments.
“As the Institute for Fiscal Studies has warned, changes to mortgage interest relief and the level of stamp duty paid by landlords have led to higher rents and stifled the supply of homes across the private rental market. This comes at a time when the number of tenants enquiring about every available rental property has more than doubled compared with before the pandemic.”
Responding to the Conservative Party’s pledge to end section 21, ‘no explanation’ repossessions, Ben Beadle continued:
“Reform of the rental market should have taken place in the last Parliament. As we said then, a balance between security for tenants and policies which retain the confidence of responsible landlords is crucial if we are to deliver much-needed homes for rent.
“That balance can only be achieved by fixing a broken justice system so that tenants and landlords can enforce their rights when section 21 ends in a timely and effective way. As the Law Society has warned, reform risks being ‘in vain’ without investment in legal aid support and the courts.”
You May Also Enjoy
DIY Due Diligence: Essential House Checks to Conduct Before You Buy!
Inheritance Tax raises £7 billion in 10 months
Decline in small house builders continues, warns FMB
Bank of England decision to maintain interest rates at 4.5% – Thoughts from the Industry
Rightmove – Cheapest mortgage rate is now a 2-year fixed
