Fewer than 20% of the public believe increasing taxes on landlords will help aspiring first time buyers.
The figures are from a survey carried out by pollsters YouGov for the Council of Mortgage Lenders’ latest publication ‘Homeownership or Bust?’
Of those who said that something should be done to make it easier for young people to buy their first home, fewer than 20% said that the Government should tax landlords more. This undermines the argument made by the previous Chancellor that tax hikes on landlords will make it easier for aspiring homeowners to purchase a property.
Recent changes have included calculating tax on a landlord’s income rather than their profit, restricting mortgage interest relief to the basic rate of income tax and imposing a 3% stamp duty levy on the purchase of homes to rent out.
Commenting on the findings, RLA Policy Director, David Smith, said:
“These figures back up all that we have been saying.”
“Recent tax hikes on landlords will serve only to drive up rents and reduce supply making it more difficult for people to save for a home of their own.”
“With the wider public now in agreement, we call on the Chancellor to use his Autumn Statement to reverse these counter-productive measures.”
- The RLA represents 48,000 private sector residential landlords in England and Wales.
- Further information about the RLA can be found at http://www.rla.org.uk/ or by following it on twitter @RLA_News.
- The CML Research can be accessed from https://www.cml.org.uk/news/press-releases/cml-research-shows-80-of-people-aspire-to-own-home-in-ten-years/. The relevant figures can be found in Chart 14 on Page 37.
- The RLA’s own research on the impact of recent tax changes can be found at https://news.rla.org.uk/wp-content/uploads/2016/10/Finance-and-Tax-Review-of-the-PRS-Report.pdf.
- For further information please contact the RLA’s consultant, Ed Jacobs on 0113 278 0211 (office), 07706386773 (out of office hours) or email firstname.lastname@example.org.