Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Pressure Builds for Budget Rental Reform
A think tank has claimed that over 1.1 million families in the private rental sector are suffering as the gap between rents and benefits reaches a record high.
The Resolution Foundation says the gap between typical rents at the 30th percentile of a local housing market and rates of Local Housing Allowance (LHA) has grown sharply in recent years. The report, covered by Letting Agent Today, comes amid reported pressure for rental reform to be addressed in the Budget.
What This Means for Letting Agents
Agents in the affordable and LHA-reliant segments of the market should watch for any Budget changes to LHA rates, as the think tank's claims put the link between benefit levels and local rents in the spotlight.
Source: Letting Agent Today