Paragon Mortgages’ Trends survey, a quarterly survey of landlords, found that over half of landlords (56%) believe that the introduction of the register will deter landlords from making further investments in the PRS. Meanwhile, 57% 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%) 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.”
