UK Rental Sector Needs More Properties

According to an article in Stride, there is a general need in Britain for good rental accommodation, especially of the type that buy-to-let insurance policyholders provide. According to new research, there is a significant shortage of this type of property across the country.

Some of this research has been conducted by the Association of Residential Letting Agents (ARLA). Delegates at the Association?s annual conference for the lettings industry were polled regarding the issue.

More than half of the respondents indicated that insufficient rental accommodation was the most significant problem faced by the private rented sector (PRS). In order to address the issue, Ian Potter, the operations manager at ARLA suggested that government should lend support to the PRS.

Mr. Potter said that such ?tangible support? should be, ?in the shape of incentives for improvements on older properties, assistance for landlords in gaining mortgage finance, and regulation to drive unethical letting agents out of the industry.?

Mr. Potter also said that such governmental support was particularly important in terms of policy making. In fact, he suggests that all parties make the PRS and buy-to-let insurance policyholders part of their policies.

Another factor is the end of the stamp duty holiday for first-time buyers of homes that are priced at less than ?250,000. According to David Brown, the commercial director of LSL Property Services, this concession should also extend to buy-to-let landlords.

In light of the housing shortage challenge in the country, the government would perhaps do well to at least consider suggestions that could address the needs of citizens in this regard.

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