By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: RLA: Action Required To Stop Fall In Supply of Rental Housing
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > Nigeria Property News > RLA: Action Required To Stop Fall In Supply of Rental Housing
Nigeria Property News

RLA: Action Required To Stop Fall In Supply of Rental Housing

Fesadeb
Last updated: 2020/02/19 at 11:49 AM
Fesadeb Published February 19, 2020
Share
SHARE

The Residential Landlords Association (RLA) is calling for the Chancellor to use his first Budget to stop the decline in the supply of rental housing.

The firm cited the 3% stamp duty levy on extra housing added in 2016 as slowing down investment in new rented property, combined with landlord confidence being “extremely low”.

Additionally landlords are being incentivised by the tax system to switch their properties to short-term lets, added the RLA.

ARLA Propertymark has said that almost 500,000 properties could be left unavailable for tenants in need of long-term homes to rent.

The RLA and the National Landlords Association (NLA) are proposing that the stamp duty levy is dropped where landlords add to the net supply of housing through developing new properties.

Furthermore, the RLA and NLA believe this will bring empty properties back into use, or covert large properties into smaller, more affordable properties.

The two associations want the introduction of a Capital Gains Tax exemption where landlords sell a property to a sitting tenant.

Additionally, they are calling for tax relief where landlords invest in measures to improve the energy efficiency of a rented property.

David Smith, policy director for the RLA, said: “The tax system for rented housing is failing. It encourages the provision of holiday homes over long-term properties to rent, it deters investment in new housing and provides no support to those wanting to make energy efficiency improvements.

“For the sake of those living in rented housing or who are looking for accommodation, ministers need to use the Budget to urgently change course to ensure that their tax policies are positively aligned with their wider housing objectives to encourage good landlords to provide long-term affordable housing.”

Chris Norris, director of policy and practice at the NLA, added: “The tax system with which landlords must contend is no-longer fit for purpose. HM Treasury has constructed a series of barriers to investment, which make running an efficient and successful lettings business borderline impossible.

“As he prepares his first Budget, we hope that the Chancellor will take the opportunity to use taxation to encourage investment in new and existing homes alike.

“Sunak must recognise that housing costs can only be reduced by making it easier, not harder, to provide good quality rented homes.

“The emphasis must be on finding solutions and encouraging investment across tenures amongst a diverse range of providers.”

Source: propertywire

You Might Also Like

Lagos Shuts Property in Ikosi-Ketu Over Illegal Waste Dumping

Ogun Assembly Threatens Arrest Over Illegal Sale of Housing Corporation Lands

Silverstone Managers Unveils Suite ’N’ Crib: A Digital Leap in Lagos Rental Market

Ondo State Removes Owo Church Attack Memorial Park Over Cultural Clash

Israel‑Iran Conflict Could Push Egypt Property Prices Higher, Warn Developers

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb February 19, 2020 February 19, 2020
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?