In response to record-high rental costs, industry body Propertymark has called for a full review of all taxes affecting private landlords.
The call comes as recent data from Knight Frank and Rightmove show rental prices hitting new peaks.
According to Knight Frank, rental costs rose by 5.5% in the year up to August. This hike is attributed to a lack of rental supply and fewer first-time buyers, owing to high mortgage rates. Rightmove’s latest data supports this trend, showing the average rent outside London reached £1,278 per month between July and September.
Nathan Emerson, CEO at Propertymark, said: “The crux of the cost of renting crisis is that demand is far outstripping supply – Propertymark member figures in August show that the number of tenants registering for a property is almost 32% up when compared to last year.
“Alongside building more homes, Government must recognise the impact of the current tax regime on the availability of homes in the private rented sector and ultimately the costs passed on to tenants.
“What we need is a full review of all taxes impacting private landlords in order to introduce pro-growth policies that can increase supply and bring down the cost of renting for tenants.”
