Landlords still in firing line after Budget

Private landlords remain in the Goverment’s firing line say property professionals responding to the Chancellor’s Spring Budget on Wednesday.

Graham Davidson, director of Sequre Property Investment, joined many voices frustrated that the 3 per cent stamp duty surcharge on second properties and incoming reduction on mortgage interest rate relief were not reconsidered

Meanwhile, James Davis, CEO and founder of online lettings agency, Upad, said the Government was ‘playing with people’s lives and livelihoods’ and said landlords have been used as ‘a political football’.

“Landlords need attracting back into the space rather than being pushed away,” he said.

“Ultimately, it will be the politicians with red faces, as more people fall into arrears and the social housing space, as they can’t afford private rents anymore.

“Landlords should be enticed through tax incentives, rather than hiking stamp duty, to bring the rental market back into equilibrium.”

Robin Paterson, Joint Chairman and CEO of United Kingdom Sotheby’s International Realty, joined the chorus of disapproval.

He said: “The stamp duty levy continues to have a detrimental effect on the housing market, especially on homes priced over £2 million.

“The more the government picks on the landlord the more rental prices will increase and home ownership will continue to decline.”

Henry Smith, CEO, Aitch Group decided a ‘golden opportunity to address the ‘elephant in the room’ has gone amiss’.

He said the damaging effects of the stamp duty were being ignored and the impact on housebuilding meant the housing industry could not do its job properly.

Glynis Frew, chief executive of Hunters Property Plc, identified the ‘real underlying issue’ as affordably priced homes, and wanted to how and when more homes, pledged in a recent White Paper, will come to fruition.

She called for the Housing Minister to join the Cabinet to boost the profile of industry issues.

Russell Quirk, founder and CEO of eMoov.co.uk, described it as a ‘bitterly disappointing, lacklustre Budget’ which continued Philip Hammond’s ‘head in the sand approach’ to the housing crisis.

He said: “Ironic that a former property developer should give the subject such inadequate focus within his plans and woeful for those aspirational buyers on the ground still dreaming of getting on.”


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Written by: Houseladder