New Chancellor Philip Hammond must change the Government’s attitude to the Private Rented Sector to prevent the UK housing crisis spiraling out of control.
Since 2015 George Osborne has imposed punitive tax rises on the private rented sector claiming that landlords are preventing first time buyers getting onto the property ladder.
However the Residential Landlords Association (RLA), backed up by a report from The London School of Economics, has argued that only a minority of sales to landlords involve bids from both types of buyer.
The clampdown comes despite independent predictions that one million new homes to rent will be needed over the next five years and the Treasury Select Committee warning that: “addressing the “home ownership crisis” must not come at the expense of a shortage of homes to rent.”
The RLA is calling on the new Chancellor, Philip Hammond MP, to change course and recognise that forcing some landlords to sell up and stifling investment by others will only make it more difficult for many people to find suitable housing and will push up rents for those in rented accommodation.
Alan Ward, Chairman of the Residential Landlords Association said: “Access to decent, affordable homes to rent is vital to supporting a flexible labour market, and ensuring that young people and families have a place to live.
“Whatever the new Government does to support home ownership, demand will continue to increase for homes to rent.
“The new Chancellor has an important opportunity to reverse recent punitive tax changes and support the majority of landlords who are providing good housing to their tenants to invest in the new homes we need.”