Home Residential Property The UK is in the grips of a rental housing shortage

The UK is in the grips of a rental housing shortage

by Deleted Subscriber Content
4th Oct 16 9:36 am

Rics has warned

The UK is facing a critical shortfall of 1.8m rental properties, the Royal Institution of Chartered Surveyors (Rics) has warned.

The housing body had urged the government to take urgent action to deal with the drop in number of available homes.

The news comes as stamp duty changes came in to effect from 1 April which make it mandatory for anyone buying a second home pay a higher rate of tax.

Jeremy Blackburn, Rics head of policy said the country was facing a critical rental shortage.

He said: “The private rented sector became a scape goat under the previous prime minister, and because of that it suffered. Yet with increasingly unaffordable house prices, the majority of British households will be relying on the rental sector in the future.

“We must ensure that it is fit for purpose, and the government must put in place the measures that will allow the rental sector to thrive. Any restrictions on supply will push up rents, marginalising those members of society who are already struggling.”

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