I urge NRLA to alert Ben Beagle to the surprising, very welcome support for beleagured PS LLds eloquently expressed by Greg Tsuman of Martyn Gerrrard Estate Agents..
He described the condition pf the rental market not being the fault of PRS LLds,yet they have to shoulder the blame for government failures namely the strangling of the PRS which he argues has caused more B2L landlords leaving the industry in the last two years, than has entered it.
He ventures to say that B2L's are taxed differently from other business's & PSL's cannot deduct their biggest cost which are usually 'interest' payments.,,yet by contrast big corporations can. This he says causes LLds overheads to increase, which in turn are reflected in increased rents.
The fix is. he suggeats is for the government to attract LLds back into the industry, then perhaps housing stocks would increase & LLds could offer lower rents to customers.
As an aside & of equal value is the stance of Generation Rent who identified that Britain needs more, not fewer private rentals. The extra stamp duty & freezing of the LHA are apparent deterrents to PS investment, thereby causing a scarcity of available rentals.
Please can Ben Beagle or an NRLA representative, reply to this unusual support, or at leat acknowlege the wisdom of the solutions offered to PSLd's.
I don't have mortgages yet hard on the heels of the Covid crisis, I hurt for those LLds trapped between a rock & a hard place in a financial sense trying to recover from massive losses AND still stay true to loyal tenants. Customers who were fighting to keep body & soul together AND keep their jobs AND pay their way.
As an aside, I had 3 HMO's at the time in which a collective 'Dunkirk spirit' saved the day, as it were. We all pulled together & pulled out all the stops, to get through the crisis. I'd have been sunk if I'd had mortgages to service, because my bank account couldn't always be serviced due to job losses, or acute illness & long recuperation times.
PSL's played their part well in keeping faith with loyal [often poorly] tnts. The reward for doing so has been zero for many unsung heroes if the war on PSLd's is anything to go by.
Can colleagues be informed if the NRLA responds to this letter [published today on page 24 of a prestigious broadsheet]. Perhaps the reply can be posted on the forum to hearten & inspire others to write to MP's about the spurious consequences of government interventions.
