The Government is failing to recognise clear warning signs that a rental crisis is on the horizon, the Residential Landlords Association (RLA) and National Landlords Association (NLA) warn.
Figures released this week by the Royal Institution of Chartered Surveyors have confirmed that tenant demand is increasing across the country while the number of new landlords entering the market is falling.
This extends a run of successive quarterly declines dating back to mid-2016, which is the longest uninterrupted sequence of falling landlord instructions ever recorded.
The squeeze on supply, coupled with continued demand for properties from tenants, is likely to lead to continued rental increases across the vast majority of regions in the UK during 2020.
The latest market analysis from HomeLet, which takes a regional snapshot covering 12 regions across the UK, shows rents are rising across the country, and this only makes it harder for tenants to save for a home of their own.
The Residential Landlords Association and the National Landlords Association had hoped to see the chancellor support buy-to-let landlords this week when he made his financial statement.
They had called for Rishi Sunak’s big-spending budget to include the abolishment of stamp duty on the acquisition of additional homes where landlords invest in property adding to the net supply of housing such as new build properties or bringing long term empty homes back into use. They were sadly disappointed in their expectations.
In a joint statement, the RLA and NLA said: “The government is undermining its own efforts to boost homeownership through its attacks on the private rented sector.
“By choking-off supply and making renting more expensive it is tenants who are hardest hit.
“Ministers need to wake up to the reality of the damage their tax measures are doing to the private rented sector and support landlords to provide the new homes for private rent we desperately need.”