The Government has given its backing to longer tenancies, and also to technology to get rental payments recognised on credit records and in mortgage applications.
The Budget included announcements of a consultation that will look at barriers to landlords offering longer and more secure tenancies.
The Chancellor’s red book also included mention of a £2m competition to support financial technology firms developing solutions that help first-time buyers ensure their history of meeting rental payments on time is recognised in their credit scores and mortgage applications.
The Budget document said: “Mortgage lenders and credit reference agencies are often unable to take rental payment history into account as they do not have access to this data. This competition will support firms to solve this problem.”
David Smith, policy director for the Residential Landlords Association, welcomed support for new technology but was unhappy at the prospect of yet more consultations.
He said: “With ever-growing numbers of families with children in private rented housing, we recognise their needs for longer tenancies.
“The Budget could have acted on proposals we have made by providing tax relief for landlords prepared to offer longer tenancies and taking action against mortgage lenders who block them being granted.
“Instead we have yet another consultation adding to the 15 already ongoing which relate to the private rented sector.
“Tenants cannot live in consultations.”