I don’t think anyone was really expecting it to happen but their were still those who were disappointed this week when landlords were left out of the stamp duty reforms outlined in the budget. First time buyers were the recipients of a stamp duty break on properties up to £250 000 (lucky first time buyers if they can afford to spend that on their first property) but despite strong reasons why he should the Chancellor firmly refused to change anything where BTL was concerned.
David Brown, commercial director of LAL properties made this important point.
“Removal of stamp duty tax for first-time buyers is positive news for the housing market, but the unsung cornerstone – the private rental sector – has once again been overlooked.”
It is the very fact that the private rental sector is the the cornerstone of the British property market that the government keep ignoring, and I truly believe it will come back to bite them somewhere quite sensitive in the not too distant future.
I am not the only one who believes that the chancellors refusal to budge on stamp duty for landlords could leave the labour party with egg on its face when the country experiences a huge housing shortage. Many experts with far more impressive credentials than I are predicting doom and gloom unless the government wakes up to itself on this issue.
