Buy to Let landlords are essential to UK PLC and government mustn’t suffocate them with red tape

The Government wants to take care to make sure that accountable purchase to let landlords are not burdened with a lot regulatory red tape and prices that they resolve to promote up – exacerbating the scarcity of respectable properties to hire.

This is the opinion of main tax and advisory agency Blick Rothenberg.

Head of property and development on the agency, associate Heather Powell stated: “Any reduction in the number of homes to rent is bad news for the UK economy as affordable accommodation is essential if employers are going to fill the 1.295 million job vacancies reported at the end of March 2022.”

She added: “It is critical that the Government ensures that the Renters Reform Bill, does not reduce the supply of good, safe rental properties any further.”

Heather stated: “Average rent in the UK has increased 10.6% in the year to May 2022, whilst rent in London has increased by 15.7%. London rents are now an average of £1,832 per month – equivalent to a salary of £27,000, and the householder needs to pay for utilities, council tax, food, and travel on top. Those working in retail and the leisure and hospitality industries are really struggling to find affordable homes, and employers in these sectors are unable to recruit staff.”

She added: “Estate Agents have reported that the variety of rental properties has nearly halved since 2019. Research has proven that this a results of the sale of properties by ‘Buy to Let’ landlords due to the regulatory and tax modifications over the past ten years.

The publication of the Renters Reform Bill was pushed again this week though it’s nonetheless promised throughout this session of the parliament. The provisions talked about – robust actions in opposition to rogue landlords, bettering the standard and security of rented properties and clauses to stop unfair hire will increase are to be supported, however Landlords want to be protected. If “no fault” Section 21 evictions are to be abolished the Act wants to make sure that Buy to Let Landlords have the proper to take possession of their properties when their state of affairs modifications, with applicable discover to tenants.

Heather stated: “Renters need rights to ensure Rogue Landlords are required to provide safe, secure homes but it is critical the responsible landlords are not driven away from the sector, the homes they provide are an essential element of the country’s infrastructure”.