Budget plans for the PRS will do nothing to boost the supply of housing to rent or support families looking for a longer term tenancies.
While the RLA has welcomed moves to make significant changes to the troubled Universal Credit rollout, in line with its recommendations and to include rent payment history in credit scores – an issue the RLA has led campaigning on, the association believed more could have been done.
It believes Philip Hammond missed a golden opportunity to offer a helping hand to tenants, and landlords hoping to support the government in its objective of providing long term tenancies for those looking for greater security – offering only a consultation into ‘barriers’.
A recent RLA research report which saw 3,000 landlords questioned, found 63% would offer a tenancy of 12 months or longer at the request of the tenant – so the will is there.
Speaking after Philip Hammond’s budget today RLA Policy Director David Smith said: “With ever growing numbers of families with children in private rented housing we recognise their needs for longer tenancies.
“Today’s Budget could have acted on proposals we have made by providing tax relief for landlords prepared to offer longer tenancies and taking action against mortgage lenders who block them being granted.
“The renewed focused on corporate money in high rise city centre rental property also neglects rural areas and towns, and fails to support the majority of landlords who are individuals and can provide the dynamism the rental market desperately needs.
“The value of the private rented sector is its responsiveness and diversity and the Budget does nothing to encourage this”
Welcoming moves to include rent payment history in credit scores David Smith added: “We welcome the Government’s acceptance of RLA recommendations to include rent payment history in credit scores.
“This is good for tenants wanting to access mortgages themselves and good for landlords in better understanding the background of prospective tenants.”