Graham Kinnear, Managing Director at Landlord Assist says: “We feel that housing is key to the recovery because there is a strong argument that every pound spent on housing leads to further money being spent in the wider economy.
“There is a ‘feel-good factor’ about owning property and there is a clear need to increase the number of rental properties to meet the growing demand from tenants, and support the shortage of quality homes that currently exists in the UK.
“We believe the Government should consider a suspension of stamp duty on property purchases for a defined period of time to support new investors and encourage landlords to bring empty properties back on to the rental market. This could bolster the market and, whilst it would inevitably mean a drop in stamp duty receipts for the Government, it would mean an increase in VAT receipts from increased solicitors’ fees, surveyors’ fees, letting agent and mortgage fees.
“In addition to suspending stamp duty, we also believe that the Government should introduce new tax incentives for landlords. If the Government reduced the tax which landlords are liable to pay on the income that their properties generate, this would instil more confidence in the sector and landlords would be encouraged to keep their properties on the market for longer.”
Stephen Parry, Commercial Director at Landlord Assist adds: “Positive action is required to ensure the recovery of the economy. We want to see more mortgage availability, fairer treatment of landlords by their banks and tax incentives to sustain and expand the buy-to-let market. It is clear that we are in the midst of a housing crisis and the Budget provides the Government with a superb opportunity to try and improve the current situation.”
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