There’s a lot of housing market speculation ahead of tomorrow’s mini-budget, and landlords, in particular, are going to be keen to hear what it will include.
A recent SpareRoom poll revealed that 94% of landlords have no confidence in the current government’s approach to housing, with 36% of respondents saying they plan to reduce their portfolio this year and a further 16% planning to leave the rental market entirely in 2022.
With demand from tenants currently at an all-time high and supply at a 9-year low, the impact on the market of more landlords leaving could be huge.
So, what are landlords hoping to hear from the government tomorrow? SpareRoom surveyed over 700 Landlords/agents and asked what they believe will mostly likely help the rental market. Here’s what they said.
- Reverse the changes to buy to let mortgage interest tax relief – 72%
- Scrap the 3% stamp duty surcharge for landlords – 66%
- Scrap the Renters Reform Bill – 56%
- Better enforcement on criminal landlords – 45%
- Build more houses – 43%
- Make the rogue landlord database public – 42%
- Introduction of a national landlord register – 22%
- Freeze rents – 4%
A separate SpareRoom poll reveals that the government has almost entirely lost the confidence of tenants too, with 95% saying they have no confidence in the government’s approach to housing.
SpareRoom director Matt Hutchinson said, “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 9-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?”