Landlords urge Chancellor to adopt private rented sector cost of living plan

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And the Lords have called on the Chancellor to use up to £1.5bn to level the budget to force tenants out of rising rents.

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Writing to Quasi Quarteng, the National Residential Landlord Association (NRLA) warned that landlords are facing ever-increasing costs due to rising interest rates on mortgages.

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At the same time, renters are struggling to pay rent as their savings are compounded by inflation, rising food and energy bills.

The group said its living expenses package, which includes waiving stamp duty for rented homes, could be funded by a £1.5bn underspend in the budget at Leveling Up, the Department for Housing and Communities.

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NRLA chief executive Ben Beadle said: “Both landlords and tenants are facing a living crisis.”

“We need a package that supports both to stop the rent arrears and to maintain the tenancy.

“Our proposals provide a viable path that will have an immediate and positive impact on the private rental sector. We urge the Chancellor to take immediate action. ,

To prevent rent arrears, the NRLA proposes to freeze housing benefit rates and eliminate the five-week wait for the first universal credit payment.

It also argued that emergency housing assistance should be given to those who are not on benefits, and that the £400 energy bill support scheme should be paid directly to each household in one go.

The group called on the government to address the “supply crisis” in rented properties by extending mortgage interest relief.

Similarly, it urged ministers to end the stamp duty levy on rented homes, a move that will reportedly provide 900,000 privately rented homes over the next decade.

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