The National Residential Landlords Association’s chief executive, Ben Beadle, has made a last-ditch plea to Chancellor John Healey to help the private rental sector.
Tomorrow’s Budget will be Healey’s first, and has been accompanied in recent days by growing speculation surrounding further tax changes.
Beadle says: “As a former Housing Minister, the Chancellor knows full well the pressures facing tenants and the private rented sector. Wednesday’s Budget gives him the chance to tackle these issues head on and improve affordability and choice for renters.
“The Budget needs to do more to boost the supply of homes to rent to give tenants greater choice about where they live. With an average of ten people chasing every available rental property, the tax system needs a fundamental overhaul to encourage long-term investment in vital new rental housing stock.
“Alongside this, housing benefit rates need to change so they reflect rental prices as they are today. The Resolution Foundation has found that the gap between Local Housing Allowance rates and the lowest 30 per cent of rents is now at a record high.
“Unfreezing rates would provide vital support to more than 900,000 households, and this analysis shows that the overwhelming benefit would be felt by tenants rather than being absorbed through higher rents.
“The Chancellor also needs to develop a bespoke package of support to help responsible landlords make the investments needed to meet the Government’s energy efficiency targets. With an October 2030 deadline, time is running out to ensure the necessary support is in place and deliver the improvements to rented homes we all want to see.”
This article is taken from Landlord Today