Landlords in Wales have called for the country’s government to make more effort to encourage private investment in the sector during a face-to-face meeting with housing minister Julie James.
The National Residential Landlords Association (NRLA) has asked her government to exempt landlords from the higher rate stamp duty, overhaul or (it is hoped, reduce) the taxes they already pay, unfreeze LHA benefits rates and make low-interest financial support available to BTL investors via the Bank of Wales.
The recommendations are within a report launched this week by the National Residential Landlords Association (NRLA) called the State of the Welsh Private Sector.
It looks at supply and demand within the sector, the costs of upgrading properties to meet EPC minimum standards, and the effect of the country’s recently-introduce renting laws.
An event to present the report’s findings at the Welsh parliament organised by the NRLA was attended by James and the trade association’s chief executive Ben Beadle, among others.
Extra taxes
The recommendations come as landlords with properties in Wales have, like those in England, faced both extra taxes and new regulation, as well as plans to introduce rent controls – unlike in England.
Landlords in Wales must now comply with tighter operating rules following the introduction of the Renting Homes (Wales) Act including more pro-tenant eviction rules, as well as higher purchase taxes through the country’s Land Transaction Tax (LTT) or stamp duty.
The NRLA is hoping to persuade the Welsh government to take a more balanced approach to private landlords, and the report draws on data from several sources to try to establish what the PRS in Wales looks like now.
The Welsh Government’s response to the report is expected today and LandlordZONE will update this story once it’s received.
To download the full report PDF click here.
