ARLA Propertymark has given a detailed response to a government consultation on how the pandemic has hit the private rental sector. The formal and informal eviction bans are first and foremost in ARLA’s response.
Overall, the association warns that the sector could be impacted in four ways following the second wave of Coronavirus:
- Arrears are likely to rise;
- Landlords’ finances will be hit;
- Compliance will be increasingly difficult; and
- There will be a growing need for financial protection for the most affected.
ARLA stated: “The government must recognise that the private rented sector has already been heavily impacted financially in recent years based on the phasing out of tax relief on mortgage interest for landlords, the additional Stamp Duty Land Tax surcharge on buy-to-let property and the Tenant Fees Act 2019. However, the ongoing repercussions of the pandemic mean that landlords' costs have increased significantly, and many landlords can no longer make ends meet.”