13th
Mar 2020
True to form the Chancellor’s latest Budget offers no hope whatsoever to tenants as failing to stop the continual reduction in rental housing stock which will only mean one thing, ever increasing rents.
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Following years of government onslaught against landlords with draconian tax hikes, legislation, ever increasing licence costs and social responsibilities, organisations across the private rented sector have all stressed that rents are going to rise, and it is time the government does something to help landlords help the housing crisis.
This was all to no avail as the Budget has not reversed any of Osborne’s tax regulations.
Trade associations are and have warned the government that because of rising rents it is going to make it tougher for tenants to one day ever own their home.
A former member of the Bank of England’s Monetary Policy Committee, Professor David Miles, has sent out the warning that: “aspiring first-time buyers are hardly helped by squeezing the supply of rental property and driving rents up.”
Two industry associations has urged the Chancellor to scrap the stamp duty surcharge levied on people who buy an additional home and landlords when investing in further properties.
In a joint statement, the two organisations said:
“The Government is undermining its own efforts to boost homeownership through its attacks on the private rented sector. By choking-off supply and making renting more expensive it is tenants who are hardest hit.
“Ministers need to wake up to the reality of the damage their tax measures are doing to the private rented sector and support landlords to provide the new homes for private rent we desperately need.”
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