Industry News Rhianna Abrey 15/03/2023

Budget misses opportunity to tackle rental housing supply crisis

Chancellor Jeremy Hunt missed a prime opportunity to address the supply crisis in the private rented sector in this week's budget.  

With supply issues continuing to have an adverse effect on the market, the NRLA believes the Government must take immediate action to prevent the gulf between supply and demand growing further, and to encourage a PRS which works in the interests of landlords and tenants alike.

Chris Norris, Policy Director for the NRLA, said: “The Chancellor spoke of growth yet did nothing to introduce the pro-growth measures that are necessary if the private rented sector’s supply crisis is to be addressed.

“The current system, under which landlords are penalised for providing new homes to rent, only makes it tougher for many renters to access good quality rental properties. Without a comprehensive review of how the sector is taxed, supply and demand issues will only become more acute as time goes on.

Further details of the NRLA’s recent call for the Government to undertake a comprehensive tax review of the private rented sector can be found here.