The Valuation Office Agency (VOA) is asking the help of private rented sector (PRS) landlords to complete its rental database.
To accomplish this, landlords would need to submit their rental data before the cut-off date on 30th September. The VOA will need basic rental details for new tenancies and renewals.
This request is to help the VOA create its ‘list of rents’. This list of landlord rental data will be used by the agency to set the Local Housing Allowance (LHA) levels. Likewise, the VOA will use the data to coordinate the housing element of Universal Credit from next April 2023.
Helping Tenants And Their Families Afford Good Housing
The agency’s goal is to use the landlord rental data to calculate the 30th percentile figures. That is the percentage of homes that are cheaper to rent than the current market level of a specific area.
Gathering as much landlord rental data as possible will be advantageous. The data gathered will help the government provide housing benefits to an estimated two million tenants around the UK. This is especially important to many families in light of the rental benefits being frozen in April 2021.
Furthermore, the VOA’s ‘list of rents’ will help calculate official rental statistics, measure inflation, and help local authorities support tenancies in their areas.
Pressing For Much-Needed Aid For Tenants And Landlords In The Private Rented Sector
Meanwhile, the National Residential Landlord Association (NRLA), UK's largest membership organisation for private residential landlords is asking the government for help.
One Great Property Idea
How Property Investors with Little Time Can Invest in New Build and Off Plan Property using a Regeneration Strategy and Where Exactly to Invest in 2024.
THIS WEDNESDAY @
1230pm London GMT
1230pm GMT London
The NRLA notes that more than half of PRS tenants who rely on Universal Credit are suffering a shortfall. Any relief that the government can provide for the sector would be a big help to both tenants and landlords.
Completion of the landlord rental data will help the VOA and the government work on the LHA levels and Universal Credit housing element. If you want to get started, please click on the VOA page link below. Use the form and contact information available there to input your landlord rental data.
To know more about the private rented sector, and your roles and responsibilities as landlords and property investors, book a chat or call our team today on 02079236100. We can help you learn more about our property investment strategies and how you enjoy effortless property management.