Ministers Need to Reverse Failed Policies as Rental Supply Crisis Worsens
The NRLA is calling on the Government to take action, after new figures from Rightmove showed an average of 25 people are enquiring about each available rental home.
The data, which covers newly let properties, also found that rents in the PRS are increasing by less than inflation and average pay rises, with rents increasing by 5.9% in London and 5.5% in the UK in the year to August 2023. In that same period, inflation sat at 6.7% (as measured by CPI), while the average monthly pay increased by 6.7%.
Responding to these findings, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “Tenants are bearing the brunt of the supply crisis in the rental market. This is a result of failed Government policies.
“Throughout the Conservative conference ministers said they wanted landlords to have the confidence to stay in the market. However, warm words will achieve nothing without policies to make this happen.
“The Government must take action to stem the loss of rental properties across the country. A good first step would be for the Treasury to encourage investment by reversing the damaging tax hikes which penalise landlords who provide much-needed housing.
“It’s also crucial that the Government makes clear assurances that landlords who make legitimate possession claims will not become mired in a broken court system once section 21 evictions are abolished.”
