Rightmove has called on the Government to support landlords, not load them with more tax, ahead of the Chancellor’s budget on 30th October.

The portal has made the comments after its own data shows that the average advertised rent for new properties coming to the market has hit a new quarterly record, with the average rent outside of London now £1,344 per calendar month.

In London, rents have also reached a new record, with an average of £2,694 per calendar month.

Rightmove says it hopes to see measures from the government, either in the Budget or near future, that would encourage landlords to stay in the market, and help them with the transition to greener homes, providing much-needed homes for tenants.

“While we’re seeing some signs of improvement in the market’s chronic levels of demand and supply imbalance helped by a slight increase in the number of available rental properties, affordability remains a key challenge for renters as prices continue to hit new records,” says spokesperson Tim Bannister (main image).

“Tenant competition has eased slightly from last year, but the market is still far from balanced.  

“We are seeing some landlords choosing to exit the market with potential tax changes and stricter EPC regulations as additional factors in landlords’ decision-making.

“With rental supply under strain, incentivizing landlords to invest in energy-efficient upgrades or offering tax relief could help maintain rental supply and, ultimately, ease affordability pressures for tenants."

Key agenda

Emma Cox (pictured), MD of Real Estate at Shawbrook, says: "Looking ahead at the Budget, it's clear that property is a key agenda point, however, the Government must not risk being too punitive on landlords and discouraging them from further investment in the sector.

“Landlords are motivated to make changes but the fear is that, without sufficient Government support, reforms like the 2030 EPC target will become unachievable and landlords will feel less inclined to stay in the market.

“Not only will this halt crucial progress towards decarbonisation but there is a real risk that the rising costs of retrofitting and maintaining properties in line with new legislation could be passed onto tenants and will undermine efforts to increase provisions of affordable housing - an unnecessary effect on a market already fraught with challenges."

Image credit: YouTube/Rightmove