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Ben Beadle, from the National Association of Residential Landlords, criticized the budget for failing to improve the quantity or quality of private rental stock.
Chief executive of the landlord industry group, Beadle, said: “The Chancellor has once again prioritized fiddling with profit margins for short-term gains and stimulated long-term investment in quality rental housing. “They ignored the call to do so.”
“Increasing tax on holiday homes or reducing capital gains tax will have no effect on the supply of long-term rental properties. Meanwhile, people who rely on housing benefit will see their benefit go away from next year. It remains to be seen whether it will be frozen.
“On average 11 tenants are chasing every home for private rent, the waiting list for social housing is 1.3 million people, around 110,000 households are in temporary accommodation and the number of first-time buyers is increasing. In the doldrums, the budget needed to tackle the housing crisis once and for all… What we got was a deafening silence.
“This is a missed opportunity to prioritize the provision of new homes for rent and purchase.”
Chris Tremlett, co-founder of the UK Homes Network, also gave a lukewarm verdict on Prime Minister Jeremy Hunt’s Budget.
He said: “The announcement of the 2024 Budget was greeted with eager anticipation of market-boosting reforms, particularly within the property sector. The Prime Minister agreed to the idea of prioritizing brownfield sites for future development.
“This stance, coupled with accusations against Labor that it intends to ‘pour concrete’ across greenbelts, seems to foresee a Budget potentially unsympathetic to the needs of the property industry amid a significant housing shortage.” It looked like. ”