Britain’s most influential financial services body has thrown its weight behind elements of Labour’s Renters Rights Bill.
UK Finance, which represents over 300 mortgage lenders and financial services firms, is calling on the government to review the Local Housing Allowance annually so it keeps pace with rents, create a registration system for owners of rental properties, and provide tax incentives to encourage landlords to make green upgrades to their properties.
Some elements of these demands are within Labour’s Bill – UK Finance says a rental sector database ”will both ease the compliance burden on landlords and help local authorities, mortgage lenders and tenants identify rogue landlords or sub-standard properties.”
The body makes the rental demands as part of a far-reaching wishlist that it’s putting to the new Labour government.
UK Finance says it wants to work with the government to also:
Support home ownership by helping first-time buyers to purchase the homes they need, through making permanent the current temporary nil-rate bands on stamp duty up to £425,000; increasing access to shared ownership schemes; and reviewing whether prudential rules introduced after the global financial crisis have made it too difficult for potential borrowers to obtain a mortgage;
Helping “last time” buyers through an independent advice service to assist older homeowners with their housing needs and minimising upfront costs for those choosing to downsize, such as a stamp duty exemption. The government’s housing target should also include homes suitable for older buyers in places they want to live;
Support the home-building industry by ensuring that the overhaul of the planning system makes it simpler, and more rules based. Shorter development timescales and consistency in planning decisions will help give developers the certainty they need to deliver the government’s new homes target;
Charles Roe, director of mortgages at UK Finance, says: “Everyone needs a safe, secure, and affordable home, so we welcome the government moving quickly to reduce the UK’s housing shortfall and get more people onto the housing ladder.
“However, the size of the challenge means we need strong action, from both the public and private sectors, right across the UK’s housing market.
“Our new report sets out a range of recommendations to complement the government’s plans. These include making the planning process simpler, removing some of the barriers first-time buyers face and ensuring we’re meeting the housing needs of our ageing population. Improving standards in the private rental sector and supporting the social and affordable rental sectors will also be key.”
You can download the full report here.
