A new incentive scheme is needed to help encourage landlords to modernise homes says the Association of Residential Lettings Agents (ARLA).
With the number of properties for rent growing by over 17% last year*, thousands of tenants are living in homes in need of modernisation.
The Government, in its recent response to the review of the Private Rented Sector (PRS), recognised that the PRS has a key role to play in future housing strategy.
However, no recommendation was given as to how this could be accomplished in the Budget last month. A survey of landlords by ARLA revealed that if they were to receive immediate tax relief almost 61% would upgrade their property in some way.
Ian Potter, Operations Manager, at ARLA said: “The PRS is dominated by small landlords - just under three-quarters of all landlords are private individual or couples rather than companies. The costs of improving stock are often intimidating, especially when meeting decent homes standards and energy efficiency targets.”
The ARLA survey showed that the most popular age of property for landlords is between 51 and 100 years old. It also found that at the time of buying a third (33%) of properties are in poor condition or in need of refurbishment.
Without financial incentives for landlords, ARLA says the government is “not helping itself” to meet its commitments.
CPS Homes will keep our landlords up to date with any further progression by the Government.