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“Budget Fails Private Tenants” – Budget Statement Property Market Commentary

Responding to the Chancellor’s Budget statement, David Smith, policy director at the Residential Landlords Association (RLA), said: “(The) Budget fails the country’s private tenants. With the demand for private rented housing rising whilst supply is shrinking, we needed pro-growth taxation measures to ensure that tenants have an adequate supply of housing to choose from. Despite being given innovative suggestions to protect tenants in their homes, encourage sales to tenants, and improve energy efficiency, we got a damp squib with little more than promises of further consultations. Eventually the government will need to stop consulting on the housing crisis and take action.”    

Russell Gould, CEO at Vesta Property said: “We are disappointed that once again property has taken a back seat and the much needed tax breaks to support landlords who provide the nation’s tenants with valuable rental homes have been ignored.

“The move to provide Lettings relief limited to properties where the owner is in shared occupancy with the tenant only goes so far. It doesn’t provide any support to the wider landlord community. What the Chancellor has failed to recognise is that the existing taxation on rental properties hurts everyone in the long run. We have already seen thousands of private landlords leave the sector since April 2016 when stamp duty was increased.  

“We expected to see creative solutions from the Chancellor to address the imbalance and incentivise private landlords to stay in the game with creative holistic solutions designed to benefit both landlord and tenant - the needs of both are not mutually exclusive.”

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