ARLA - Budget has failed the PRS

The government has failed the private rented sector (PRS) with its latest Budget, it has been claimed.

According to the Association of Residential Letting Agents (ARLA), the government has failed to deliver on a number of positive recommendations made last month.

Ian Potter, the organisation's operations manager, said: "We had high hopes for [the] Budget. However, the government has failed the PRS as the Budget offers nothing towards the long-term availability of enough affordable rented accommodation."

Mr Potter claimed that Westminster has done nothing to improve housing stock or encourage landlord ownership.

One housing change announced by the chancellor was the increase of the stamp duty threshold to £250,000, but Mr Potter said this doesn't go far enough and will not have a "positive impact" on the PRS.

Before the change came into effect today (March 25th), the stamp duty threshold was set at £125,000.

The increased rate is to be offset by a one per cent increase in stamp duty for properties bought for more than £1 million.

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