Last week’s Autumn Statement both Hunt and Sunak have been criticised for failing to consider and ‘encourage’ a boost for housing rental stock.

Image credit: Unsplash

A trade body’s spokesperson, said: “The demand for private rented housing is massively outstripping supply. This will only worsen as growing mortgage rates make home ownership more difficult to afford.

“The Government has yet again failed to recognise the potential for housing to drive growth and deliver for the economy. The Chancellor should have focused on boosting supply by ending the Stamp Duty Levy on the purchase of new rental homes.

“Research by Capital Economics suggests that scrapping this could lead to a £10 billion boost to Treasury revenue. This would be as a result of increased income and corporation tax receipts. Instead, these swinging cuts to Capital Gains Tax allowances will dissuade investment for years to come.

“The last thing renters need is an effective further tax hike on the private rented. All this will do is discourage investment in the new homes to rent the country desperately needs and drive up the cost of renting.”

Zoopla claims that during this year demand for private rented ‘homes’ across the UK has massively increased by 142 per cent when compared against the five year average, whilst rental housing supply has plummeted by 42 per cent. This same type of trend is ‘echoed’ by Rightmove which reports that in Q3  private renters’ demand increased by 20 per cent compared to the same period last year.