Almost half of the UK’s private residential landlords have halted plans to expand their portfolios ahead of the General Election, according to online estate agent Urban.co.uk.
Fluctuations in property prices, changes to rental regulations, rent controls and taxes are some of the biggest concerns behind this landlord stalemate.
Ahead of its crowdfunding launch this week, Urban.co.uk surveyed more than 500 of the country’s landlords and found that 26% were most concerned about the changes to property prices that the election could bring, while one fifth were anxious about potential changes to rental regulations and legislation. The poll also showed that tax (16%) and rent controls (10%) were playing on landlords’ minds.
With the general election less than 80 days away, only a fifth of landlords would consider expanding their rental portfolios.
“With the main political parties promising a range of measures to appeal to the nation’s rising generation of tenants, it is no surprise that landlords are concerned about changes to regulations, rental controls, taxation and property prices,” said Oliver Atkinson, co-founder and chief executive of Urban.co.uk.
“The private rented sector has grown rapidly in recent years and with the housing shortage and subsequent rise of ‘Generation Rent’, a greater focus has been placed on tenant rights. PRS is more important to our country’s future than ever before, but it is important to remember that landlords will play a large part in making it successful.
“Housing will be one of the main battlegrounds over the next few months and landlords will be cautious regardless of who will sit in government come May. With this in mind, parties across the political spectrum should look at policies that protect renters and landlords, not one or the other.”