Stamp duty surcharge directly impacting lettings sector claims RLA
A survey of over 3,000 landlords carried out by the Residential Landlord Associations’ Private Renting Evidence, Analysis and Research Lab (PEARL), has found that 68% of landlords are reluctant to invest in new properties as a result of the stamp duty surcharge on additional properties that was introduced in April last year.
The extra levy was introduced by then Chancellor, George Osborne, in an attempt to support first time buyers into home ownership. However, figures from the UK Finance show that there was a fall of 10% in the number of mortgages provided to first time buyers between August and September 2017.
As demand for private rented accommodation is only likely to increase, the RLA has called on current Chancellor, Phillip Hammond, to scrap the surcharge in today’s budget.
RLA policy director David Smith says: “The previous Chancellor introduced the stamp duty levy to support first time buyers, yet the figures show this simply is not happening.”
Full story available in Letting Agent Today: https://www.lettingagenttoday.co.uk/breaking-news/2017/11/lettings-sector-directly-diminished-by-stamp-duty-surcharge–claim