Clampdown on BTL tax “won’t help Generation Rent”

Mike Coady, the mortgage director of one of the world’s largest, independent financial advisory organisations, has said that George Osborne’s clampdown on buy-to-let investors will be “ineffective for its purported aims”. The head of deVere Group’s deVere Mortgages brand made the comments after the Chancellor announced an additional 3% stamp duty rate on second homes and buy-to-let properties in last week’s Autumn Statement. Cosy said that the revenue that is projected to be raised by the measure – £1bn by 2021 – is a nominal figure given the scale and seriousness of the UK’s affordable housing crisis. He went on to say that those who are renting could find their rents are even higher after the policy comes into effect in April, as the higher costs are passed on to tenants by landlords. This, in turn, would make the prospect of getting on to the housing ladder even more distant for first-time buyers.

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