Reaction to budget announcement
Commenting on the social housing benefit cut that was announced in yesterday’s Budget, Fran Mulhall, Regional Operations Manager at GFW Letting, North East property rental specialists, said: “The government’s move to cut housing benefits to high earners living in housing association homes signals a huge opportunity for professional landlords across the North East. Those living in social housing across the region, earning at least £30,000 per year, will no longer be eligible for benefit entitlement. Those affected therefore might look to move into the private rented sector.
Given that 63% of homes across the North East are social housing properties, this benefit cut will affect quite a large number of working professionals. As such, it won’t be a great surprise if the region experiences inflated growth rates in the private rented sector – an opportunity that North East landlords, or those looking to get into the property development sector, would be imprudent not to capitalise upon”.
To read more on the budget announcement click here.