The Property Sourcing Company

Houses of parliament
Houses of parliament

SPRING BUDGET 2024: EVERYTHINH PROPERTY INVESTORS NEED TO KNOW

The Spring Budget 2024 promises to reshape the landscape for property investors and landlords. 

Unveiled against a backdrop of improving economic forecasts, with the Office for Budget Responsibility (OBR) anticipating growth of 0.8% this year and 1.9% next year (exceeding autumn forecasts by 0.5%), the budget introduces key announcements that could trigger transformative shifts in the property market. 

This article dives into the details of these announcements, analysing their potential impact on investment strategies and the broader market. We’ll explore how the changes might influence property transactions, investor behaviour and long-term trends.

WHAT DOES THE UK’S ECONOMIC OUTLOOK, LOOK LIKE FOR 2024?

The ORB’s revised forecasts paint a cautiously optimistic picture, projecting a gradual economic recovery with continued expansion through 2027. While this trajectory suggests potential stability and growth opportunities for property investors, it’s important to recognise that the market landscape has been altered by the recent budget announcements.

An in depth analysis is essential to understand how these changes might interact with broader economic and political trends to influence the property market.

WHAT ARE THE KEY SPRING BUDGET ANNOUNCEMENTS FOR PROPERTY INVESTORS?

The recent Spring Budget introduced significant changes impacting property investors, particularly those involved in the short-term rental market. While these measures aim to incentivise long term rentals, their long-term effects remain uncertain.

This analysis delves into the key policy changes and explores their potential effects on various aspects of property investment, including transaction volumes, investor returns, bulk purchase strategies, short-term rental markets and targeted investment areas. 

By examining these factors, we gain a comprehensive understanding of how the budget might influence and shape investor behaviour in the months and years ahead.

Will the Capital Gains Tax Reduction increase transactions?

In a move aimed at stimulating the property market, the Chancellor announced a reduction in the higher rate of Capital Gains Tax on residential properties, from 28% to 24%. This change, intended to increase market validity, could potentially benefit investors by:

  • Encouraging more property transactions: Lower Capital Gains Taxes might incentivise existing owners to sell, potentially increasing the pool of available properties and easing buying processes for prospective purchasers.
  • Boosting investor returns: The decreased tax burden translates to higher net profit from property sales, potentially improving investment returns. 

But, there is the potential for counter-balancing factors that could impact the overall effect like the limited impact on larger investors. The tax reduction might have a smaller impact on larger investors who already operate at the higher tax bracket and might be less sensitive to marginal tax changes.

How will the Multiple Dwelling Relief Abolishment impact bulk purchases?

The Spring Budget introduced the removal of stamp duty relief for multiple dwellings. This relief, previously utilised by some investors to acquire multiple properties in bulk at a lower tax rate, has been deemed ineffective in achieving its intended goals and susceptible to misuse.

While the government aims to curb the exploitation of the system through this removal, it undoubtedly impacts strategies relying on bulk purchases for investment purposes. The immediate consequence was the increased acquisition costs.

Investors buying multiple properties simultaneously will now face higher upfront tax costs due to the absence of the relief. 

The consequenting ripple effect will definitely impact investor behaviour as the higher costs could deter some investors from purchasing bulk purchases, leading to a shift in smaller-scale acquisitions.

The potential decrease in bulk purchases may also influence the supply and demand of certain property types that were previously targeted by these investors.

How will scrapping tax breaks for Short-Let’s affect investors?

The budget eliminates tax breaks previously enjoyed by the short-term rental market, specifically targeting Furnished Holiday Lets. This policy shift aims to incentivise long-term tenancies, potentially leading to a dampened holiday letting sector and an increased focus on long-term rentals.

The reduced tax benefits might discourage investment and participation in the holiday letting market, leading to a decrease in available short-term rentals. Landlords previously relying on short-term lets might need to adjust their operational models to adapt to a landscape favouring long-term tenancies. 

We may see some short term property investors shift marketing strategies, targeting long-term tenants instead of short-term vacationers, and alongside this the adapted lease terms and conditions to cater to long term renters. 

The long-term impact of this change on the market, rental prices and investor behaviour in both the short term and long term rental sectors remain to be seen. However, it’s evident that landlords and investors in the holiday letting space will need to carefully consider their strategies going forward.

How will the Levelling Up Agenda target investment areas?

The budget also allocated funds for regeneration projects in specific areas, including Canary Wharf, Sheffield, Blackpool, and Liverpool. This targeted approach, dubbed “Levelling Up”, aims to revitalise these regions and bridge regional economic disparities. 

These investments could have a positive impact on the property market by enhancing property values & attracting further investment. 

The influx of capital for regeneration projects can lead to infrastructure improvements, increased economic growth activity, and a more attractive living investment, potentially leading to:

  • Increased demand for housing and commercial space.
  • Development of new properties, potentially increasing the overall supply and variety of options in the market. 

However, the impact of these investments might not be immediate and could vary depending on how the local market reacts to such developments.

WHAT ARE THE LONG TERM PROSPECTS OF THE SPRING BUDGET 2024?

While the immediate impact might be limited, the budget’s announcements could have long-term consequences for housing supply and investment incentives.

The abolition of stamp duty relief for multiple dwellings might deter bulk purchases, potentially impacting the supply of new housing units entering the market. 

Changes in Capital Gains Tax and the removal of tax breaks for short-term lets might influence the attractiveness of specific investment strategies and property types, prompting investors to adjust their approaches.

What are the nationwide initiatives of the Spring Budget 2024?

The Spring Budget also incorporates several nationwide initiatives aimed at fostering long-term growth across the country, here are some of the points:

Local Nutrient Mitigation Fund:

The second round of this fund aims to support the delivery of 30,000 homes by 2030. This initiative tackles the issue of nutrient pollution, which can act as a barrier to development in certain areas. By providing financial assistance, the fund enables the construction of new homes where previously hindered by such environmental concerns.

Planning System Capacity:

Recognising the importance of a robust planning system, the budget allocates £3 million to enhance local planning authorities’ capacity. This investment, matched by industry-led funding, aims to attract more individuals to planner roles, potentially streamlining the planning process and facilitating development projects.

East West Rail and Transport Upgrades:

The budget prioritises improvements to national infrastructure by accelerating the East West Rail project. This long-term initiative connects eastern and western regions of England, fostering better connectivity and potentially boosting economic activity along the route. Additionally, timetable upgrades on the East Coast mainline offer further enhancements to regional transportation services.

Science & Innovation investments:

The Spring Budget also looks to propel the UK’s scientific and technological industries, through several initiatives:

The budget allocates substantial resources for:

  • Faraday Discovery Fellowships: Promoting scientific breakthroughs by attracting and retaining world-class researchers.
  • Green Future Fellowships: Accelerating innovation in green technologies and fostering sustainable solutions.
  • Research and Innovation Organisation (RIO) fund: Bolstering the infrastructure and capacity of research organisations across the UK.

The budget demonstrates the government’s ambition in cutting-edge fields by providing:

  • Investments in quantum computing error correction: This tackles a critical challenge in harnessing the full potential of quantum computing, paving the way for advancements in various scientific and technological fields.
  • Funding for SaxaVord Spaceport: This investment supports the development of the UK’s first vertical spaceport, fostering opportunities for space exploration and related industries.

These investments signal the government’s strategic focus on fostering a vibrant ecosystem of scientific and technological innovation, aiming to solidify the UK’s position as a global leader in these crucial areas.

Agri-food launchpad & Towns Plan

The Spring Budget goes beyond broad national initiatives, acknowledging the unique needs and potential of different regions:

This existing plan receives an extension and additional funding of £400 million. The plan now targets twenty additional towns across the UK, providing them with:

  • Resources to address local challenges and capitalise on their unique strengths.
  • Funding for regeneration projects and community initiatives.

These regional initiatives demonstrate the government’s commitment to fostering balanced economic growth and strengthening communities across the entire country, not just major urban centres.

Recognising the importance of the agricultural sector in specific regions, the budget allocates significant funding to launch an “agri-food Launchpad” program. This program, focusing on Mid and North Wales, aims to:

  • Drive innovation and growth within the region’s agricultural sector.
  • Support the development and implementation of new technologies and practices.

What are the regional variations of the Spring Budget 2024?

The Spring Budget 2024 introduced several key announcements with significant regional variations, particularly favouring North Wales, North West and East England. 

These differences aim to promote economic growth and job creation outside the traditionally affluent South and London through targeted investments, development and tax relief measures.

The North East Trailblazer Devolution Deal is a £100+ million deal empowering the North East Mayoral Combined Authority with greater autonomy over regional spending and development initiatives.

Over the next decade, £20 million will be spent on Community Regeneration Funding for regeneration projects in Runcorn, Rawtenstall, Newton-le-Willows, and Darlington, boosting local infrastructure and economies. 

Furthermore, Housebuilding and Levelling Up investments of £188 million supports projects in Sheffield, Blackpool, and Liverpool, demonstrating a commitment to increasing housing supply and regional development. 

A £450 million investment in a vaccine manufacturing hub in Liverpool by AstraZeneca promises job creation and economic stimulation in Speke.

In North Wales there is a  £160 million agreement with Hitachi for the Wylfa nuclear power plant site to strengthen North Wales’ role in the UK’s energy strategy. Additionally, funding supports the renovation of Theatr Clwyd, showcasing a commitment to cultural investment. 

Furthermore, the Agri-Food Launchpad investment aims to boost the region’s agricultural sector, reflecting a tailored approach to regional economic strengths. The scrapping of Furnished Holiday Lettings Tax in April 2025 may improve the long term renting stock available in much of North Wales’ seaside towns.

In the South East of England, Cambridge to be exact, there has been £10.2 million dedicated to supporting the Cambridge Biomedical Campus, with funds allocated for local transport improvements and support for Cambridge University NHS Trust’s growth plans.

In London, over £240 million is allocated to unlock up to 7,200 homes in Barking and up to 750 homes in Canary Wharf, alongside establishing a life sciences hub.

An additional £20 million is invested in social finance to build up to 3,000 new homes and enhance local community groups’ capacity for housing delivery. 

The establishment of the Euston Housing Delivery Group with £4 million support underscores plans to deliver up to 10,000 new homes, part of a larger vision for an internationally-leading life sciences hub in the Euston Quarter.

HOW HAS THE PROPERTY MARKET RESPONDED TO THE BUDGET?

While property experts anticipate relative stability in the commercial property market following the Spring Budget, they predict subtle shifts in investment opportunities and challenges. The upcoming election is unlikely to significantly disrupt activity.

Adjustments to National Insurance contributions, VAT registration thresholds and tax avoidance measures might indirectly influence investment decisions and operational costs for landlords and investors. 

But, critics argue the budget failed to address vital issues like housing supply and affordability, hindering balanced market growth. While some experts see benefits from specific measures, the overall sentiment leans towards disappointment and missed opportunities. 

The Spring Budget has been criticised for:

  • Lack of substantial support for first-time buyers.
  • Neglecting the complications of the rental market.
  • Overlooking sectors like commercial property.

How are property experts reacting to the Spring Budget overall?

The budget received mixed reactions, with some welcoming the measures and others highlighting its shortcomings:

  • Adrian Anderson (property finance) welcomes the National Insurance cut for potentially improving mortgage affordability. 
  • Ian McKenzie (Guild of Property Professionals) believes the Capital Gains Tax reduction might encourage selling, benefiting first-time buyers.
  • Christopher Springett (Evelyn Partners) doubts the CGT reduction will significantly influence selling decisions. 
  • Damien Thompson (The Mortgage Works) criticises the budget for neglecting the rental market.  
  • Others criticise aspects like abolishing Multiple Dwelling Relief (MDR) and the FHL tax regime.
  • Sarah Hollowel (Killik & Co) observes potential changes in market activity due to tax tweaks, but doesn’t express a definitive opinion.

Jonathan Christie, Founder and CEO of The Property Sourcing Company says “Once again the recent Spring Budget has presented both opportunities and challenges for the long-term rental market. The Chancellor’s measures, including reducing Capital Gains Tax and abolishing the Furnished Holiday Lettings Tax, has the potential to incentivise property owners to shift towards long-term rentals, thus increasing housing stock.

However, it is worth bearing in mind the potential unintended consequences the budget could have on the market, such as rent increases in vulnerable areas or the displacement of existing short-term rentals.

While these changes, alongside the National Insurance cut, may contribute to a more balanced and accessible market for landlords and tenants a holistic approach is vital. We need to acknowledge concerns and be prepared to address them to ensure a truly equitable outcome.

Ultimately, exactly what impact the budget will have on the affordability and availability of long-term rentals remains to be seen. If we want to create a sustainable and community orientated property investment environment that benefits all stakeholders, including investors, tenants and communities, then we will need continued dialogue and potential further measures.”

The Spring Budget 2024 promises to reshape the landscape for property investors and landlords. 

Unveiled against a backdrop of improving economic forecasts, with the Office for Budget Responsibility (OBR) anticipating growth of 0.8% this year and 1.9% next year (exceeding autumn forecasts by 0.5%), the budget introduces key announcements that could trigger transformative shifts in the property market. 

This article dives into the details of these announcements, analysing their potential impact on investment strategies and the broader market. We’ll explore how the changes might influence property transactions, investor behaviour and long-term trends.

WHAT DOES THE UK’S ECONOMIC OUTLOOK, LOOK LIKE FOR 2024?

The ORB’s revised forecasts paint a cautiously optimistic picture, projecting a gradual economic recovery with continued expansion through 2027. While this trajectory suggests potential stability and growth opportunities for property investors, it’s important to recognise that the market landscape has been altered by the recent budget announcements.

An in depth analysis is essential to understand how these changes might interact with broader economic and political trends to influence the property market.

WHAT ARE THE KEY SPRING BUDGET ANNOUNCEMENTS FOR PROPERTY INVESTORS?

The recent Spring Budget introduced significant changes impacting property investors, particularly those involved in the short-term rental market. While these measures aim to incentivise long term rentals, their long-term effects remain uncertain.

This analysis delves into the key policy changes and explores their potential effects on various aspects of property investment, including transaction volumes, investor returns, bulk purchase strategies, short-term rental markets and targeted investment areas. 

By examining these factors, we gain a comprehensive understanding of how the budget might influence and shape investor behaviour in the months and years ahead.

Will the Capital Gains Tax Reduction increase transactions?

In a move aimed at stimulating the property market, the Chancellor announced a reduction in the higher rate of Capital Gains Tax on residential properties, from 28% to 24%. This change, intended to increase market validity, could potentially benefit investors by:

  • Encouraging more property transactions: Lower Capital Gains Taxes might incentivise existing owners to sell, potentially increasing the pool of available properties and easing buying processes for prospective purchasers.
  • Boosting investor returns: The decreased tax burden translates to higher net profit from property sales, potentially improving investment returns. 

But, there is the potential for counter-balancing factors that could impact the overall effect like the limited impact on larger investors. The tax reduction might have a smaller impact on larger investors who already operate at the higher tax bracket and might be less sensitive to marginal tax changes.

How will the Multiple Dwelling Relief Abolishment impact bulk purchases?

The Spring Budget introduced the removal of stamp duty relief for multiple dwellings. This relief, previously utilised by some investors to acquire multiple properties in bulk at a lower tax rate, has been deemed ineffective in achieving its intended goals and susceptible to misuse.

While the government aims to curb the exploitation of the system through this removal, it undoubtedly impacts strategies relying on bulk purchases for investment purposes. The immediate consequence was the increased acquisition costs.

Investors buying multiple properties simultaneously will now face higher upfront tax costs due to the absence of the relief. 

The consequenting ripple effect will definitely impact investor behaviour as the higher costs could deter some investors from purchasing bulk purchases, leading to a shift in smaller-scale acquisitions.

The potential decrease in bulk purchases may also influence the supply and demand of certain property types that were previously targeted by these investors.

How will scrapping tax breaks for Short-Let’s affect investors?

The budget eliminates tax breaks previously enjoyed by the short-term rental market, specifically targeting Furnished Holiday Lets. This policy shift aims to incentivise long-term tenancies, potentially leading to a dampened holiday letting sector and an increased focus on long-term rentals.

The reduced tax benefits might discourage investment and participation in the holiday letting market, leading to a decrease in available short-term rentals. Landlords previously relying on short-term lets might need to adjust their operational models to adapt to a landscape favouring long-term tenancies. 

We may see some short term property investors shift marketing strategies, targeting long-term tenants instead of short-term vacationers, and alongside this the adapted lease terms and conditions to cater to long term renters. 

The long-term impact of this change on the market, rental prices and investor behaviour in both the short term and long term rental sectors remain to be seen. However, it’s evident that landlords and investors in the holiday letting space will need to carefully consider their strategies going forward.

How will the Levelling Up Agenda target investment areas?

The budget also allocated funds for regeneration projects in specific areas, including Canary Wharf, Sheffield, Blackpool, and Liverpool. This targeted approach, dubbed “Levelling Up”, aims to revitalise these regions and bridge regional economic disparities. 

These investments could have a positive impact on the property market by enhancing property values & attracting further investment. 

The influx of capital for regeneration projects can lead to infrastructure improvements, increased economic growth activity, and a more attractive living investment, potentially leading to:

  • Increased demand for housing and commercial space.
  • Development of new properties, potentially increasing the overall supply and variety of options in the market. 

However, the impact of these investments might not be immediate and could vary depending on how the local market reacts to such developments.

WHAT ARE THE LONG TERM PROSPECTS OF THE SPRING BUDGET 2024?

While the immediate impact might be limited, the budget’s announcements could have long-term consequences for housing supply and investment incentives.

The abolition of stamp duty relief for multiple dwellings might deter bulk purchases, potentially impacting the supply of new housing units entering the market. 

Changes in Capital Gains Tax and the removal of tax breaks for short-term lets might influence the attractiveness of specific investment strategies and property types, prompting investors to adjust their approaches.

What are the nationwide initiatives of the Spring Budget 2024?

The Spring Budget also incorporates several nationwide initiatives aimed at fostering long-term growth across the country, here are some of the points:

Local Nutrient Mitigation Fund:

The second round of this fund aims to support the delivery of 30,000 homes by 2030. This initiative tackles the issue of nutrient pollution, which can act as a barrier to development in certain areas. By providing financial assistance, the fund enables the construction of new homes where previously hindered by such environmental concerns.

Planning System Capacity:

Recognising the importance of a robust planning system, the budget allocates £3 million to enhance local planning authorities’ capacity. This investment, matched by industry-led funding, aims to attract more individuals to planner roles, potentially streamlining the planning process and facilitating development projects.

East West Rail and Transport Upgrades:

The budget prioritises improvements to national infrastructure by accelerating the East West Rail project. This long-term initiative connects eastern and western regions of England, fostering better connectivity and potentially boosting economic activity along the route. Additionally, timetable upgrades on the East Coast mainline offer further enhancements to regional transportation services.

Science & Innovation investments:

The Spring Budget also looks to propel the UK’s scientific and technological industries, through several initiatives:

The budget allocates substantial resources for:

  • Faraday Discovery Fellowships: Promoting scientific breakthroughs by attracting and retaining world-class researchers.
  • Green Future Fellowships: Accelerating innovation in green technologies and fostering sustainable solutions.
  • Research and Innovation Organisation (RIO) fund: Bolstering the infrastructure and capacity of research organisations across the UK.

The budget demonstrates the government’s ambition in cutting-edge fields by providing:

  • Investments in quantum computing error correction: This tackles a critical challenge in harnessing the full potential of quantum computing, paving the way for advancements in various scientific and technological fields.
  • Funding for SaxaVord Spaceport: This investment supports the development of the UK’s first vertical spaceport, fostering opportunities for space exploration and related industries.

These investments signal the government’s strategic focus on fostering a vibrant ecosystem of scientific and technological innovation, aiming to solidify the UK’s position as a global leader in these crucial areas.

Agri-food launchpad & Towns Plan

The Spring Budget goes beyond broad national initiatives, acknowledging the unique needs and potential of different regions:

This existing plan receives an extension and additional funding of £400 million. The plan now targets twenty additional towns across the UK, providing them with:

  • Resources to address local challenges and capitalise on their unique strengths.
  • Funding for regeneration projects and community initiatives.

These regional initiatives demonstrate the government’s commitment to fostering balanced economic growth and strengthening communities across the entire country, not just major urban centres.

Recognising the importance of the agricultural sector in specific regions, the budget allocates significant funding to launch an “agri-food Launchpad” program. This program, focusing on Mid and North Wales, aims to:

  • Drive innovation and growth within the region’s agricultural sector.
  • Support the development and implementation of new technologies and practices.

What are the regional variations of the Spring Budget 2024?

The Spring Budget 2024 introduced several key announcements with significant regional variations, particularly favouring North Wales, North West and East England. 

These differences aim to promote economic growth and job creation outside the traditionally affluent South and London through targeted investments, development and tax relief measures.

The North East Trailblazer Devolution Deal is a £100+ million deal empowering the North East Mayoral Combined Authority with greater autonomy over regional spending and development initiatives.

Over the next decade, £20 million will be spent on Community Regeneration Funding for regeneration projects in Runcorn, Rawtenstall, Newton-le-Willows, and Darlington, boosting local infrastructure and economies. 

Furthermore, Housebuilding and Levelling Up investments of £188 million supports projects in Sheffield, Blackpool, and Liverpool, demonstrating a commitment to increasing housing supply and regional development. 

A £450 million investment in a vaccine manufacturing hub in Liverpool by AstraZeneca promises job creation and economic stimulation in Speke.

In North Wales there is a  £160 million agreement with Hitachi for the Wylfa nuclear power plant site to strengthen North Wales’ role in the UK’s energy strategy. Additionally, funding supports the renovation of Theatr Clwyd, showcasing a commitment to cultural investment. 

Furthermore, the Agri-Food Launchpad investment aims to boost the region’s agricultural sector, reflecting a tailored approach to regional economic strengths. The scrapping of Furnished Holiday Lettings Tax in April 2025 may improve the long term renting stock available in much of North Wales’ seaside towns.

In the South East of England, Cambridge to be exact, there has been £10.2 million dedicated to supporting the Cambridge Biomedical Campus, with funds allocated for local transport improvements and support for Cambridge University NHS Trust’s growth plans.

In London, over £240 million is allocated to unlock up to 7,200 homes in Barking and up to 750 homes in Canary Wharf, alongside establishing a life sciences hub.

An additional £20 million is invested in social finance to build up to 3,000 new homes and enhance local community groups’ capacity for housing delivery. 

The establishment of the Euston Housing Delivery Group with £4 million support underscores plans to deliver up to 10,000 new homes, part of a larger vision for an internationally-leading life sciences hub in the Euston Quarter.

HOW HAS THE PROPERTY MARKET RESPONDED TO THE BUDGET?

While property experts anticipate relative stability in the commercial property market following the Spring Budget, they predict subtle shifts in investment opportunities and challenges. The upcoming election is unlikely to significantly disrupt activity.

Adjustments to National Insurance contributions, VAT registration thresholds and tax avoidance measures might indirectly influence investment decisions and operational costs for landlords and investors. 

But, critics argue the budget failed to address vital issues like housing supply and affordability, hindering balanced market growth. While some experts see benefits from specific measures, the overall sentiment leans towards disappointment and missed opportunities. 

The Spring Budget has been criticised for:

  • Lack of substantial support for first-time buyers.
  • Neglecting the complications of the rental market.
  • Overlooking sectors like commercial property.

How are property experts reacting to the Spring Budget overall?

The budget received mixed reactions, with some welcoming the measures and others highlighting its shortcomings:

  • Adrian Anderson (property finance) welcomes the National Insurance cut for potentially improving mortgage affordability. 
  • Ian McKenzie (Guild of Property Professionals) believes the Capital Gains Tax reduction might encourage selling, benefiting first-time buyers.
  • Christopher Springett (Evelyn Partners) doubts the CGT reduction will significantly influence selling decisions. 
  • Damien Thompson (The Mortgage Works) criticises the budget for neglecting the rental market.  
  • Others criticise aspects like abolishing Multiple Dwelling Relief (MDR) and the FHL tax regime.
  • Sarah Hollowel (Killik & Co) observes potential changes in market activity due to tax tweaks, but doesn’t express a definitive opinion.

Jonathan Christie, Founder and CEO of The Property Sourcing Company says “Once again the recent Spring Budget has presented both opportunities and challenges for the long-term rental market. The Chancellor’s measures, including reducing Capital Gains Tax and abolishing the Furnished Holiday Lettings Tax, has the potential to incentivise property owners to shift towards long-term rentals, thus increasing housing stock.

However, it is worth bearing in mind the potential unintended consequences the budget could have on the market, such as rent increases in vulnerable areas or the displacement of existing short-term rentals.

While these changes, alongside the National Insurance cut, may contribute to a more balanced and accessible market for landlords and tenants a holistic approach is vital. We need to acknowledge concerns and be prepared to address them to ensure a truly equitable outcome.

Ultimately, exactly what impact the budget will have on the affordability and availability of long-term rentals remains to be seen. If we want to create a sustainable and community orientated property investment environment that benefits all stakeholders, including investors, tenants and communities, then we will need continued dialogue and potential further measures.”

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