Higher taxes on holiday lets are among the top of the list
Increasing taxes for overseas buyers and those investing in properties in tourist hotspots are in the top of UK homeowners’ housing policy wish list, according to new research from Market Financial Solutions (MFS).
The specialist lender commissioned a survey of more than 1,300 UK adults who own a residential property in the UK. The results showed that seven in 10, or 71% of, homeowners are in favour of raising the minimum quality standards for rental properties, making it to the top of their wish list for potential policy reform.
Introducing controls or higher taxes on holiday lets or second homes in tourist hotspots came in at second, mentioned by 67%, while 65% agree that non-UK residents should pay more stamp duty land tax (SDLT).
Meanwhile, six in 10, or 60%, said SDLT should be removed on properties that have been derelict for more than a year.
The MFS research also revealed that 48% of homeowners believe ‘mandatory’ targets should be re-introduced after housebuilding targets were softened by the government to ‘advisory’ in December 2022.
At the bottom of the list, just 34% support scrapping SDLT in favour of an annual land tax, while only 23% would back plans to make SDLT payable by the seller, not the buyer.
“In recent weeks, we have seen political parties begin to posture on housing policy,” said Paresh Raja (pictured), chief executive at from Market Financial Solutions. “Battle lines are now being drawn ahead of next year’s general election, and already, there is a sense both parties will put forward some more radical policies to solving the housing crisis. Our research provides timely insight into how they can win the hearts and minds of homeowners.
“Clearly, housebuilding and taxation are key areas that homeowners would like the government to focus on for reform, so these will likely be critical topics of discussion on which Rishi Sunak and Keir Starmer will try to win votes in the coming weeks and months. No doubt homeowners, homebuyers, and lenders will watch on keenly as policies concerning the property market evolve and the build-up to the election intensifies.”
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