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Industry News March 8, 2018

Looking Ahead to the Spring Statement

As we prepare for the Government to publish its Spring Statement on Tuesday 13th March 2018, we hear from Keats Directors to find out their hopes.

Rita Tinney, Group Sales and Lettings Director, commented: “From a lettings point of view, a concession on the 3% Stamp Duty Land Tax imposed on landlords is desirable to re-start the buy-to-let market. Also, due to the shrinking amount of available rental property versus the growing demand, some tax breaks for investors may encourage them to invest in the private rental sector.

“Looking ahead to the Tenant Fee Ban, we all know that salaries are coming under pressure from inflation and most letting agents don’t envisage rental increases in 2018. Tenants will of course welcome any ban on letting agency fees in the future. However, the Tenant Fee Ban is still in consultation stage and isn’t expected to be given Royal Assent until Spring 2019 at the earliest.”

Mark Sobey, Associate Director, added: “We need to focus on actions that will really boost the property market across the UK, not just on a local level. Our wish in property sales is also to see removal of the surcharge. It is apparent that far fewer investors are entering our local market.

“If you take an average three-bed house in Haslemere, listed at £375,000, a first-time buyer would be liable to pay £3,750 Stamp Duty Tax, while an investor would pay a staggering £20,000. Change is vital to ensure investors return.”

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