With the number of properties for rent growing by over 17% last year, thousands of tenants are living in homes in need of modernisation.
The Government, in its recent response to the Rugg Review of the Private Rented Sector (PRS), recognised that the PRS has a key role to play in future housing strategy. However, no recommendation was given as to how this could be accomplished in the Budget.
A survey of landlords by ARLA revealed that if they were to receive immediate tax relief almost two thirds (61%) would feel upgrade their property in some way.
Ian Potter, operations manager, at ARLA said: “The PRS is dominated by small landlords - just under three-quarters of all landlords are private individual or couples rather than companies. The costs of improving stock are often intimidating, especially when meeting decent homes standards and energy efficiency targets.”
ARLA proposed in its budget submission earlier this year that due attention be given to incentivising the improvement of let property through tax relief for landlords. An incentive scheme would also help landlords meet challenging energy efficiency targets.
