Propertymark has shared its wishlist for the housing sector in Northern Ireland, following the recent restoration of the Executive.
One of the trade body’s asks is that the Northern Ireland Executive should focus on other long-term factors affecting the private rental sector (PRS).
In particular, it pointed out the Private Tenancies Act (Northern Ireland) 2022 has sections that need Ministers to make a final choice on reforms urgently required to bring the PRS in Northern Ireland in tandem, with reforms implemented by the rest of the UK, like electrical safety standards.
During Stormont’s absence, Propertymark worked with the Department for Communities to issue feedback regarding policy proposals, and to guarantee that its members are informed about the existing and upcoming changes introduced by the Private Tenancies Act (Northern Ireland) 2022.
This included webinars with the department, as well as issuing bespoke FAQs and fact sheets.
Propertymark said it was opposed to rent controls due to a negative impact on Scotland, and urged the Executive to instead consider other measures such as increasing Local Housing Allowance rates to the 50th percentile, with a long-term pledge to increase Local Housing Allowance rates by inflation.
According to the trade body, the Executive should also consider building more houses.
Propertymark said letting agents in Northern Ireland should possess minimum qualifications and be held accountable by a statutory Code of Practice.
The trade body outlined plans to work closely with the department during the second phase of proposed rental reforms, which includes introducing the regulation of letting agents.
Regarding Stamp Duty Land Tax, as recommended by the Independent Fiscal Commission Northern Ireland’s report on increased devolution in May 2022, this tax has been successfully devolved in Scotland and Wales.
Propertymark argued that with further exploration the devolved powers for Northern Ireland could enable the Executive to use property taxes in response to changes to the local housing market, similar to how a property tax holiday was used during the Covid-19 pandemic.
Finally, the trade body stated there should be sufficient incentives for homeowners and landlords to improve the energy efficiency of their homes that considers the price and geography of properties, like installing heat pumps.
Henry Griffith, policy and campaigns officer said: “Propertymark welcomes the establishment of a new Executive at Stormont and the return of a power sharing coalition in Northern Ireland.
“There are key challenges in the housing sector in Northern Ireland that need to be addressed including implementing the outstanding parts of the Private Tenancies Act but also exploring ways that we can increase supply of homes in Northern Ireland, make homes more energy efficient and ensure the tax system when buying property is fit for purpose.
“We look forward to continuing to engage with the Department for Communities and working with the new Minister to achieve this.”
