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A survey by the Residential Landlords Association (RLA) has revealed that 84% of private sector landlords plan to raise their rents in the wake of the Chancellor’s recent changes to the way landlords pay tax.
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A further 78% are considering their investment in the private sector and will either not buy any more properties or pull out altogether – even though demand for private rental homes continues to grow.
More Homes for First Time Buyers
The Chancellor’s aim is to make it easier for people to buy property, by freeing up more affordable homes. Unfortunately it appears that his plan might backfire because many people can’t afford to buy and some simply prefer not to. These people will soon be paying even more in rent – and are then even less likely to be able to afford to save up for a deposit to buy.
RLA Wants Rental Home Stamp Duty Exemption
The RLA wants the government to exempt property in the private rental sector from new 3% stamp duty tax.
“The Chancellor’s tax policies are impacting on tenants’ lives – not only are more than four in five facing rent increases but half of landlords may be selling rented property, which might result in tenants being given notice to leave their properties,” says Alan Ward, RLA Chairman.
“Ministers need to end the myth that landlords are to blame for the country’s housing crisis and base policy on fact, not political expediency.”
