The UK housing market is facing a number of challenges, with landlords increasingly feeling the pressure of recent tax changes. Propertymark, the UK’s leading professional body for property professionals, is calling for a reversal of these changes in order to support landlord participation in the market.
Recent tax changes have had a significant impact on landlords, with many feeling that they are being unfairly targeted. The changes include an increase in stamp duty for second homes, an increase in capital gains tax, and the removal of mortgage interest relief. These changes have made it more difficult for landlords to make a profit, leading to some landlords exiting the market altogether.
Propertymark is calling for a reversal of these changes in order to support landlord participation in the market. They argue that landlords provide an important service to the UK housing market, and that without them there would be a shortage of rental properties available. They also argue that the current tax system is unfair, as it targets landlords without taking into account their contribution to the market.
Propertymark has proposed a number of solutions to address the issue. These include introducing a new tax relief scheme for landlords, reducing stamp duty for second homes, and introducing a new capital gains tax exemption for landlords. They also suggest introducing a rent-to-own scheme, which would allow tenants to purchase their rental property over time.
Propertymark’s proposals have been welcomed by many in the industry, with many arguing that they would help to support landlord participation in the market. However, it remains to be seen whether the government will take action on the issue. In the meantime, Propertymark is continuing to lobby for a reversal of the recent tax changes in order to ensure that landlords can continue to provide an important service to the UK housing market.