The Government’s plans to attract global talent could be undermined without urgent efforts to increase the availability of rental homes, landlord and agent organisations have warned.
At the World Economic Forum in Davos, the Chancellor highlighted the initiative to bring highly skilled individuals to the UK.
However, a joint statement from the British Property Federation (BFA), National Residential Landlords Association (NRLA), and Propertymark warned that the lack of rental housing is a critical issue that needs addressing.
Data from Oxford University’s Migration Observatory showed that 42% of the foreign-born population in the UK live in private rented housing, compared to 16% of those born in the UK.
Among EU-born residents, this figure rises to 52%.
Savills projects that one million new rental homes will be required by 2031 to meet demand.
The letter from the industry bodies highlighted the negative impact of the Stamp Duty rise announced in the Autumn Budget, which the Institute for Fiscal Studies (IFS) warned could result in fewer available properties.
The chief executives of the BPF, NRLA, and Propertymark said: “We support the Government’s ambition to grow the economy and welcome international expertise to the UK. However, policy needs to back up the rhetoric.
“Without substantial support to boost the supply of new, high-quality homes to rent, the Chancellor’s efforts to attract global talent will fail.
“We urge the Government to engage with the sector to develop forward-thinking policies that provide the homes to rent the country desperately needs.”
