Additionally, data from Rightmove shows that the average monthly rent for homes in the UK (outside London) soared to a record high of £1,278 during the July to September period.

Nathan Emerson, CEO of Propertymark, stated, "The key issue behind the rental cost crisis is demand far outstripping supply. Our August member data shows that the number of tenants registering to rent is up almost 32% compared to the same period last year."

He further noted, "While increasing housing supply, the government must also recognize the impact of the current tax system on the supply of privately rented homes and the consequences of ultimately passing the cost onto tenants. We need a comprehensive review of all taxation affecting private landlords and the formulation of growth-promoting policies to increase housing supply and reduce the cost of renting for tenants."

Currently, the taxation affecting landlords mainly includes stamp duty and the 3% additional tax levied on investment property purchases.

It's worth noting that starting in 2020, landlords lost the ability to offset mortgage interest tax relief, which was replaced with a 20% tax credit, meaning they are now liable to pay tax on rental income rather than net income.

Propertymark's call underscores the urgency of addressing the rental cost crisis. As rental prices rise, an increasing number of low-income households are unable to afford the high costs of housing, potentially leading to more people falling into poverty and negatively impacting economic stability.

Therefore, addressing the issue of taxation affecting private landlords and implementing corresponding reforms is crucial for balancing the rental market, increasing housing supply, and improving tenant well-being.

Additionally, the government should promote other measures in the rental market, such as encouraging the construction of affordable and social housing, providing rental subsidies, and improving rental contracts and tenant protection laws. These actions will help alleviate the rental crisis and provide tenants with greater security and stability.

In conclusion, Propertymark urges the government to review taxation related to private landlords in response to the current rental cost crisis. Additionally, the government should continue to promote other policies to increase housing supply, enhance tenant well-being, and ensure the healthy development of the rental market. This way, a fairer, more sustainable, and stable housing environment can be created.