Landlords sceptical of national register benefits

Normal
0

false
false
false

EN-GB
X-NONE
X-NONE

MicrosoftInternetExplorer4

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-bidi-font-family:”Times New Roman”;
mso-bidi-theme-font:minor-bidi;
mso-fareast-language:EN-US;}

Landlords have warned that the Government’s proposed national landlord register for England could deter further investment in the private rented sector (PRS), and could even force some investors out of the sector for good.

Paragon Mortgages’ Trends survey, a quarterly survey of landlords, found that over half of landlords (56 per cent) believe that the introduction of the register will deter landlords from making further investments in the PRS. Meanwhile, 57 per cent believe that the register will force some landlords out of the sector because of the increased regulatory burden.

The Government has proposed a national register of English landlords which would include a landlord’s name, address and the addresses of their rental properties. The register would be run by an independent organisation and landlords would have to register each year. In return, landlords would receive a unique landlord registration number to be used in tenancy agreements, court proceedings and housing benefit claims.

A quarter of landlords believe that the register will be helpful for tenants, but a third state that it will offer no benefit to tenants. Meanwhile, nearly half (48 per cent) do not believe that the register will help raise standards in the private rented sector.

John Heron, Paragon Mortgages’ managing director, said: "Landlords are already subject to an estimated 50 Acts of Parliament and 70 sets of regulation, so they are naturally going to be sceptical about the introduction of another major regulatory initiative. Whilst it is right that the Government takes steps to drive out the rogue elements of the private rented sector, it must ensure that any regulation is fair and proportionate.

"Good landlords shouldn’t be worried about a national register but the Government has to make sure that it is as easy to use as possible, has clear guidelines and that it communicates the benefits of the register to landlords – otherwise it will be a failure. The Government needs the private rented sector to grow to help support the rapid formation of new households in the UK and its expanding population, so it should be careful of introducing legislation that may damage individuals’ desire to invest in the sector.’