Propertymark’s head of policy and campaigns, Timothy Douglas, will explain how investment in the private rented sector can be better incentivised when he speaks at the Westminster Social Policy Forum next week.
The forum will bring together MPs and senior government officials with property sector stakeholders to discuss the way forward following the publication of the government’s ‘A Fairer Private Rented Sector’ White Paper at the start of the summer.
“Private landlords are important housing providers, but it's a common misconception that all of them are wealthy. We know almost half of individual landlords rent out just one investment property and many rely on that income” explains Douglas.
“I look forward to discussing with delegates how future policy can be designed to ensure landlords and agents keep providing tenants with a place to live and to present the case on behalf of our member agents for a review and reforms of relevant parts of the tax system that we believe can help achieve that.”
Propertymark research has already provided evidence of the rate at which the private rental sector has been shrinking and the effect of recent tax changes and proposed UK-wide reform have had on its members’ landlords.
It welcomes the revised Stamp Duty thresholds and is calling on the new Prime Minister and Chancellor to consider going even further and give a 12-month exemption from additional Stamp Duty on purchases of buy to let properties to stimulate supply of homes to rent.
The introduction of additional rates are considered by Propertymark member letting agents to have had the most significant impact on the sector.