A trio of property organisations have responded to the Chancellor’s desire to bring the “highest skilled” people to the UK.
In a joint letter, the British Property Federation (BPF), the National Residential Landlords Association (NRLA) and Propertymark, warn that this will be impossible unless the chronic shortage of homes to rent is addressed urgently.
The letter expresses concern about the impact the stamp duty hike set out in the Autumn Budget has had on the provision of rented housing. The head of the Institute for Fiscal Studies has warned it will lead to “fewer properties” being made available.
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.”
According to data from Oxford University’s Migration Observatory, 42% of the foreign-born population in the UK live in the private rented sector, compared to 16% of those born in the UK.
Among those born in the European Union, 52% live in private rented accommodation.
Without sufficient rented housing, those the government seeks to attract will struggle to find a place to live.
This is supported by data from Savills, which suggests that up to one million new homes for private rent will be needed by 2031 to accommodate growing demand.
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