Landlords call on new Chancellor to scrap Osborne’s tax rises

Landlords are calling on the new Chancellor, Philip Hammond (himself a former buy to let landlord) to scrap the tax rises George Osborne has introduced.  The Residential Landlords Association (RLA) say that the “punitive tax rises” Osborne has imposed on the PRS is in the mistaken belief that landlords are preventing first time buyers getting onto the property ladder.  However, an LSE report shows that only a minority of sales to landlords involve bids from both types of buyer.

The RLA is asking Philip Hammond to change course and recognize that forcing some landlords to sell up and stifling investment by others will only make it more difficult for many people to find suitable housing and will push up rents.  Alan Ward, Chairman of the RLA, says “Access to decent, affordable homes to rent is vital to supporting a flexible labour market and ensuring that young people and families have a place to live. Whatever the Government does to support home ownership, demand will continue to increase for homes to rent.  The new Chancellor has an important opportunity to reverse recent punitive tax changes and support the majority of landlords who are providing good housing to their tenants to invest in the new homes we need.”

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