The Chancellor’s Budget did little to help landlords already beginning to suffer from the Draconian tax laws introduced last year. He has opened a consultation on proposals for landlords to offer longer tenancies to tenants which, whilst helpful to tenants in rural areas, will have little impact in London where most tenants prefer shorter tenancies and the flexibility they offer.
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. The 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. Instead we have yet another consultation adding to the 15 already ongoing which relate to the private rented sector. Tenants cannot live in consultations. The renewed focused on corporate money in high rise city centre rental properties 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”