Surveyors in plea to Government over shortage of homes to rent

Britain is facing a "critical" shortage of rental homes and must ramp up house-building to meet a surge in demand from those priced out of the property market, according to a surveyors' group.

The Royal Institution of Chartered Surveyors (Rics) said at least 1.8 million more households will be looking to rent rather than buy by 2025 as house prices continue to surge higher.

But it warned the UK was heading for a "rental supply crisis" after recent government changes to increase buy-to-let stamp duty.

It claimed 86% of landlords have no plans to increase their rental portfolio this year, with supply set to fall further after changes due next year will remove a landlord's right to deduct mortgage interest from their income tax bill.

Rics wants ministers to reverse April's stamp duty increase and is also calling on the Government to pioneer a new rent-to-buy programme.

Jeremy Blackburn, head of policy at Rics, said: "It's time for Theresa May to get out her hard hat.

"We are facing a critical rental shortage and need to get Britain building in a way that benefits a cross-section of society, not just the fortunate few."