The new Chancellor is about to unveil his strategy for growth - but for now at least the government appears hugely unpopular with landlords.
A recent SpareRoom poll revealed that 94 per cent of landlords have no confidence in the government’s approach to housing, with 36 per cent saying they plan to reduce their portfolio this year and a further 16 per cent planning to leave the rental market by the end of this year.
With demand from tenants currently at an all-time high and supply at a nine year low, the impact on the market of more landlords leaving could be huge.
SpareRoom surveyed over 700 Landlords/agents and asked what they believe will mostly likely help the rental market.
- 72 per cent wanted a reversal of recent changes to buy to let mortgage interest tax relief;
- 66 per cent wanted the three per cent stamp duty surcharge scrapped;
- and 56 per cent want the Renters Reform Bill dropped.
A separate SpareRoom poll reveals that the government has almost entirely lost the confidence of tenants too, with 95 per cent saying they have no confidence in the government's approach to housing.
SpareRoom director Matt Hutchinson comments: “The UK is currently in the grip of a rental crisis. Demand for rooms is at an all-time high, while supply has dropped to a nine year low. That’s making life incredibly hard for tenants trying to find a place to live.
“Government’s plan to squeeze smaller buy to let landlords out of the market seems to be working, but there doesn’t seem to be a plan to replace them with an alternative.
“Unless something changes, we’re looking at a very bleak period for the rental market. If it’s not working for landlords and it’s not working for tenants, the question has to be, who is it working for?”
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