A majority of private sector landlords do not believe George Osborne’s Budget will improve the private rented sector.
A survey conducted by the Residential Landlords Association of its members shows that almost 60% do not believe measures in the Budget will improve the private rented sector. Just 6% say that they will, and almost 35% don’t know.
The Budget announced that the Government’s Build to Rent fund would be increased fivefold to £1bn to support the delivery of new private rented homes. This fund applies only to large-scale institutional investors.
Alan Ward, chairman of the RLA, said smaller landlords are feeling increasingly ignored by the Government, in favour of institutional investors.
He said: “At a time when the country is in desperate need of new homes to rent, ministers need to do far more to support this army of landlords who are ready and willing, with the right support, to invest in much-needed housing.
“Institutional investment will only go so far.
“A good start would be to extend the Build to Rent fund to smaller-scale landlords and ensure the taxation system recognises renting a property as a business activity.”
Article courtesy of Landlord Today