As the housing market continues to struggle, agents are urging the government to restore mortgage interest tax relief. This tax relief was abolished in April 2020, and it has had a significant impact on the housing market.
Mortgage interest tax relief allowed homeowners to deduct some of the interest they paid on their mortgage from their taxable income. This was a great incentive for homeowners to buy a property, as it made the cost of buying a home more affordable.
The removal of this tax relief has had a major impact on the housing market. It has made it more difficult for people to buy a home, as they have to pay more in taxes. This has caused a decrease in the number of people buying homes, which has led to a decrease in house prices.
Agents are now urging the government to restore mortgage interest tax relief. They argue that this would help to stimulate the housing market and make it easier for people to buy a home. It would also help to increase house prices, which would benefit both buyers and sellers.
The government is yet to respond to this request, but it is clear that restoring mortgage interest tax relief could have a positive impact on the housing market. It would make it easier for people to buy a home, and it would help to increase house prices.
It remains to be seen whether the government will respond to this request and restore mortgage interest tax relief. However, it is clear that this would be beneficial for both buyers and sellers in the housing market.