The lettings agents’ group Propertymark has told Chancellor Rishi Sunak that unless the private rented sector is overhauled many landlords will quit, rents will rise and there will be a drought of stock.
The organisation, in its formal submission to the Treasury ahead of Sunak’s Budget and spending review later this month, says the rental market is already falling behind on supply, with government policies set to make the situation worse.
The organisation says a recent Mortgage Works survey suggests that 20 per cent of landlords are likely to sell property in the next 12 months citing a combination of tax implications, tenant debt and a backlog in the courts as reasons behind the threatened exodus.
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