Private Landlords should shape up or face penalties, says watchdog
Responsible landlords should be given tax exemptions and encouraged to improve their property portfolios, whilst at the same time bad landlords should be driven from the marketplace, said a housing watchdog recently.
With the number of privately rented homes doubling in the past 15 years and rising property values pricing many potential homeowners out of the market, private landlords are becoming the mainstay of the rental market.
The Chartered Institute of Housing and the Resolution Foundation have called for minimum standards in the private rental market and suggest bad landlords must face stricter sanctions. In a recent report, they also called for tax incentives for those performing well to encourage them to reinvest profits from rents in improving their properties.
The move has also been backed by the National Landlords' Association.
Grainia Long, Chief Executive of the Chartered Institute of Housing, said Landlords need to meet their obligations.
"I want to see a situation where all landlords understand their obligations, meet their obligations, and are committed to professional standards," she said.
Failing to keep abreast of the numerous changes affecting residential lettings can have expensive consequences for Landlords.
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