This is according to Landlord Assist, the nationwide tenant referencing and eviction firm, which said that at a time when demand is outstripping supply in the private rented sector, it is disappointed that there was no provision made in the Budget to assist landlords in the private rented sector.
Graham Kinnear, managing director at Landlord Assist, said: “Whilst we were pleased to see an increase in personal allowance up to £9,205 per annum and the reduction and proposed further reductions of corporation tax, we were disappointed that the Chancellor did not make any provisions to stimulate growth and investment in bricks and mortar.
“At a time when the UK is experiencing a dramatic housing shortage and finding rented accommodation is possibly the hardest it has ever been, the Government needs to recognise the role played by private rented sector and encourage landlords to increase their portfolios further.”
Stephen Parry, commercial director at Landlord Assist, said that he had been hoping for measures that would allow landlords to be eligible for capital gains tax breaks if they reinvested their profits back into property.
“By encouraging landlords to increase their portfolios this would improve the quality of accommodation on the market, provide money to the economy, temper the rental price rises and provide greater choice and mobility for renters.”
Meanwhile Landlord Assist has predicted that the increase in stamp duty to 7% for properties worth more than £2m will have a negligible impact on the rental market as the tax is applicable on a single dwelling rather than a portfolio of investment apartments.
