Critical rental shortage in UK
The Royal Institution of Charted Surveyors (Rics) has stated that another 1.8 million households will be looking to rent rather than buy a home by 2025, and has called on the government to offer tax breaks to encourage building and investment in the sector to avoid “critical rental shortage”.
The increase in the rental sector is due to many factors such as economy, Brexit and increase tax burden on buy to let / property investors. The institution states that if this trend does not change in the short to medium term, there could be serious shortage in rental properties across the UK.
Rics also called for private house builders to be encouraged to build specifically for the rental sector, pension funds given tax breaks to fund large scale rental properties and councils encouraged to release brownfield sites for building homes for tenants.
Written by: The Team | On: October 4, 2016