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Stamp duty change is top wish from buy to let investors

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Tue 09 Jul 2019

Stamp duty change is top wish from buy to let investors

The majority of UK property investors feel the Government is not doing enough to support the buy to let housing market, new research has found.

Some 97% of property investors would like to see more being done with 50% suggesting scrapping the extra 3% stamp duty on additional homes would be a good starting point.

The MT Finance latest property investor survey also found that 33% of property investors want a reversal on the changes to tax relief on buy to let mortgages.

On top of this some 17% believed introducing a tiered tax system on buy to let property would better support the UK property market.

When asked who they would vote for if a general election were called today, half revealed they would back the Conservative Party, 18% said the Liberal Democrats, followed by the Brexit Party at 16%. Only 3% of property investors revealed they would back the Labour Party in a general election.

‘It is interesting that the stamp duty surcharge and removing it is more important to property investors than mortgage interest tax relief and it suggests this group of investors are the ones who are most likely to expand their portfolios,’ said Gareth Lewis, commercial director at MT Finance.

‘The Government has introduced a series of changes to slow down an overheated property market and reduce the number of buy to let investors over the years. Property investors have been dealt some serious setbacks, impacted by changes to stamp duty and changes to tax relief but despite the changes, many remain resilient and still see property investment as a key tool for retirement planning, and a good home for their monies whilst interest rates are low,’ he added.