This massive demand has led to many incentives for landlords to purchase more property or for first-time investors to get involved in the buy-to-let market. The continuing supply-demand imbalance has led to landlords being inundated with viewing requests as soon as a property hits the market, meaning there will likely be fewer void periods. This undersupply of available properties has also exerted upward pressure on rents, resulting in rapid rental growth and a high monthly income for property investors.
According to Ben Beadle, the Chief Executive of the National Residential Landlords Association:
“The country needs more of every type of housing, and that has to include new homes for private rent. The quicker the government takes this into account, the sooner we can relieve the struggles renters face when finding a place to call home.”
The NRLA also detailed the changes they believe the government can make to bring more available rental properties into the market and address the imbalance.
In their submission, the NRLA called on the Chancellor to scrap tax hikes and end the 3% stamp duty levy on buying buy-to-let property. They forecast that this would bring almost 900,000 new private rental homes into the market in the next decade, leading to a £10 billion boost to Treasury revenue through increased income and corporation tax receipts.
Learn More: Looking for the best buy-to-let properties? Take a look at some of our latest area guides covering topics such as buy-to-let property in Telford and Middlesbrough investment properties.
Demand for Rental Property Continues to Soar in 2024