Spending review fails landlords and tenants

Chancellor Rachel Reeves has missed a prime opportunity to address the significant challenges facing landlords and tenants in today's Spending Review.

The Chancellor announced plans to invest a £39million in affordable housing, but failed to commit to the investment necessary if the private rented sector is to meet current demand, with Savills suggesting a million new homes to rent will be needed by 2031.

The NRLA has welcomed news of the cash injection, but said it will do little to improve prospects for those struggling to find a rental home now - or landlords within the sector facing increased legislation and costs.

NRLA chief executive Ben Beadle said: “Today’s spending review does nothing to tackle the immediate pressures in the private rented market.

“It does nothing to support the delivery of the one million new private rented homes needed by 2031 to meet growing demand. 

“It does nothing to support and encourage investments in energy efficiency works to rental properties.

“And it does nothing to support all those renters struggling to find a home as a result of the Government’s freeze on housing benefit rates.”

More information

For more information on the NRLA's tax and fincance calls click here.