Agent leaders tell Labour ‘help landlords and repeal Section 24’
Propertymark CEO Nathan Emerson says Rachel Reeves must consider giving landlords improved tax incentives to ease the rental crisis.
Propertymark is warning the Government that current tax policies are damaging the PRS and forcing many landlords to sell up.

The trade body is calling on Chancellor Rachel Reeves to scrap ‘Section 24’ in her Budget next month, or risk the rental crisis continuing.
Section 24 removes a landlord’s right to deduct the majority of their finance costs, including mortgage interest and arrangement fees, from their rental income before calculating their tax liability. This is regularly described as unfair because it’s a tax on turnover, not profits.
Landlords may consider reducing their portfolios or leaving the sector altogether, unless Section 24 is repealed, Propertymark says.
Damage done
Now, a detailed report from Propertymark has revealed “the damage done to the private rental sector by taxation that has hindered investment and contributed to rents to skyrocket”.
The report examines the impact of Section 24, which was implemented by former Chancellor George Osborne to cut the available tax relief on mortgage interest costs and end the 10% wear and tear allowance for fully furnished homes.
Effectively landlords are paying tax against a gross rental income less maintenance costs, Propertymark says.
As a result, many landlords are shouldering higher taxes, with many only just breaking even or making a loss. Increased costs lead to higher rents for tenants, it adds.
Propertymark are keen to see the UK Government to consider scrapping this measure.”
Nathan Emerson, CEO at Propertymark (main picture), says: “Section 24 is having an impact on the private rental sector, and with a budget being announced for October, Propertymark are keen to see the UK Government to consider scrapping this measure.
“We need to see a level of support that encourages long term investment within the private rented sector and recognises the understanding that private landlords play a crucial role when comes to providing diverse, safe and secure housing across the entire UK.”
Read the full Propertymark report here