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A lot of the benefits for individuals have been phased out and you're still taxed at your rate now. Gradually phasing out is a much more stable approach for the market.
Extreme rent-seeking at best delivers zero benefit. However, providing accommodation encompasses a whole host of services and benefits to society.
I'd be surprised if private rental accommodation makes up a significant % of the most wealthy's portfolios. I suspect you'd get a better and lower risk yield with a secure long term lease to a supermarket. Happy to be proved wrong on that though.
hugo7
I imagine that there would be a correction, but there will be a correction when the pound drops below the Euro and we have food rationing and no jobs.
That to one side, we need to wean the country off rent-seeking behaviours and onto more productive means of making money.
i.e. if I have 50k I should invest it in a local company, or some local companies, or start my own little company rather than getting three BTL's and charging a fortune in rent.
Rent-seeking behaviour should be taxed heavily wherever it appears, making it unattractive.
The problem of course is that most MP's are landlords, and most entrenched money has a lot of property.