Landlords voice concerns over rent controls, tax hikes, and new regulations ahead of election
Landlords have expressed significant apprehension over proposed rent controls, property taxes, and regulatory changes ahead of tomorrow’s (4th July) general election, according to a survey by Leaders Romans Group.
The survey across England and Wales captured 690 landlords’ and 490 tenants’ growing anxieties about the potential impact of the upcoming election on the PRS, who have urged political leaders to consider the implications of their policies.
Some 60% of landlords are particularly worried about potential increases in property taxes, which they believe could lead to higher rental prices.
Additionally, 45% of respondents have concerns about the introduction of new regulatory measures that could complicate the rental process.
One landlord highlighted: "A fair policy to both the landlord and tenants is crucial.
“The proposed policies should ensure that landlords are not overly burdened with taxes and regulations, which might ultimately lead to higher costs for tenants."
Another landlord remarked: "A balanced and fair Renters (Reform) Bill is essential for the stability of the rental market.
“Overly stringent regulations could discourage investment and reduce the availability of rental properties."
One landlord said: "Rent controls might seem beneficial in the short term, but they could lead to a reduction in the quality and quantity of available rental properties.
“This could hurt both landlords and tenants in the long run."
The survey also asked respondents to identify the three biggest causes of the current challenges in the PRS:
1. inflation and the cost of living — this was identified as a major concern by 55% of landlords and 78% of tenants. The rising cost of living is putting pressure on both landlords and tenants, making it harder to maintain affordable rental prices
2. high rents — high rents were highlighted by 17% of landlords and 88% of tenants
3. lack of social housing — this was noted by 41% of landlords and 32% of tenants. The shortage of social housing is pushing more people into the private rental sector, increasing demand and driving up prices
Getting the cost of living under control was deemed most important by 34% of landlords and 58% of tenants in order to reduce the rate of evictions.
Additionally, 39% of landlords suggested cutting taxation on landlords as a viable solution.
Allison Thompson, national lettings managing director at LRG, commented: "This survey highlights the critical concerns faced by both landlords and tenants in today's volatile market.
“The start of a new parliamentary term presents a pivotal moment for the party in power to address these issues with balanced and thoughtful policies.
“It's essential that we create a fair and sustainable rental environment that supports both landlords' ability to invest and maintain properties and tenants' access to affordable housing."
