Landlords and letting agents have told a new poll that the Government must reverse its Section 24 mortgage interest relief tax changes as a priority to get the private rental sector ‘back on track’.
Rent tech platform Goodlord conducted the research among some 1,500 agents, landlords and tenants and has today published it within its report Renting Done Right.
The report calls for more industry support from Government, a simpler approach to compliance, more clarity on regulation and when it’s being introduced and to reward effective landlords with tax incentives.
Some three quarters of landlords said financial incentives should be the Government’s top priority to keep landlords in the sector, although HMRC recently defended its 'levelling-up' tax relief changes.
As regulatory requirements build across the sector, landlords - especially those with only one or two properties - are seeking additional support, the report says.
Nearly two thirds of letting agents surveyed said they are seeing more landlords turning to them for support with compliance.
But the thorny issue of ‘overbidding’ on properties is also raised by the report, in which 83% of tenants said there should be a cap on how much homes can be bid for above the listed price, something half of the agents canvassed agreed with.
Tenants also reckoned rent controls were a ‘good idea’ but 40% of landlords and agents said it would be damaging not helpful to the sector.
The manifesto is being officially unveiled at an industry event in London this evening.
The findings will then be shared with decision makers at the Department for Levelling Up, Housing and Communities.
William Reeve, CEO at Goodlord, says: “This manifesto is the result of months of work and in-depth discussions from across the letting industry.
“We hope this manifesto helps unlock conversations that help make renting better. The time to act is now.”
Read the full manifesto here.