Agency trade body calls for Stamp Duty holiday on additional homes

Propertmark is calling for a 12 month exemption on additional Stamp Duty rates to boost rental property supply.

The issue will be put forward by Propertymark’s head of policy and campaigns Timothy Douglas at a Westminster Social Policy Forum talk on 3 November.

The forum will bring together MPs and senior government officials with property sector stakeholders to discuss the way forward following the publication of the UK Government’s ‘A fairer private rented sector’ White Paper.

It comes as Propertymark’s research has provided evidence of the rate at which the PRS has been shrinking and the effect of recent tax changes and proposed UK-wide reform have had on its members’ landlords.

The agency trade body said it welcomes the revised Stamp Duty thresholds and is calling on the new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt 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.

Douglas said: “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.

“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.”