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Displaying 95 results
Piggy bank looking at small piles of coins
21 Nov 2024
Housing must be high on Welsh Government's Budget agenda

Propertymark calls for fiscal policy geared towards stimulating supply in the private rented sector, boosting homeownership, and tackling the scourge of empty commercial properties that blight Welsh communities.

Novice auctioneer on rostrum
19 Nov 2024
Auctions are a buyer's friend in the dash to avoid Stamp Duty increases

Choosing to sell properties by chain-free auction can avoid lengthy and uncertain buying procedures and save buyers time and money ahead of the Stamp Duty Land Tax increases in April 2025.

Terraced houses.jpg
08 Nov 2024
Wales should follow England on single Council Tax bands for HMOs

Propertymark has welcomed the Welsh Government’s proposal to update the Council Tax system to treat Houses of Multiple Occupation (HMOs) as single dwelling, and ensure that the owner of the property, not the occupant, is responsible for the tax payment. Similar changes were made to the system in England in December 2023.

Tax blocks on calculator
05 Nov 2024
Autumn Budget 2024: Tax changes that impact the property sector

The proposed tax changes and spending increases laid out by the Chancellor are expected to have a multifaceted impact on the UK economy. It is important to note that the long-term economic impact of these measures will depend on various factors, including the effectiveness of implementation, the response of businesses and consumers, and broader, economic conditions.

welsh flag
01 Nov 2024
Second Homes pilot extended as progress from local authority revealed

Jayne Bryant MS, The Welsh Cabinet Secretary for Housing and Local Government has outlined the progress of the controversial Second Homes Pilot Scheme in the Dwyfor areas and expansion plans that 21 other local authorities will charge a council tax premium on second homes and long-term empty properties from April 2025.The Scheme looks to implement higher tax rates for second homes and holiday lets and introduce grants for first-time buyers to renovate empty homes.

Rachel Reeves Red Briefcase.jpg
30 Oct 2024
Budget aims to unlock housing with investment in affordable homes

The UK’s first female Chancellor of the Exchequer, Rachel Reeves, MP, delivered the first Labour Budget for 14 years on 30 October 2024, announcing tax increases worth £40 billion. Whilst agents will be relieved not to see a hike in Capital Gains rates, it is disappointing that the reversal of Section 24 and support for property owners to meet Minimum Energy Efficiency Standards have been overlooked. It is also a missed opportunity to give structured support to first-time buyers and downsizers to boost consumer confidence.

Phil Spencer
29 Oct 2024
Phil Spencer backs Propertymark's call for Stamp Duty reform

The property expert and MoveiQ founder has agreed with the proposals we submitted in our Autumn Budget representation. This Budget offers Chancellor Rachel Reeves MP a real opportunity to promote much-needed progress in the sector. Her decisions regarding SDLT reform, support for first-time buyers and energy efficiency, and the clarity she provides on landlord taxation, will be crucial in determining the future direction of the UK housing market.

Green model houses on stacks of pound coins
21 Oct 2024
Autumn Budget 2024: strengthening housing markets whilst boosting energy efficiency

Propertymark has prepared deliverable and achievable spending commitments that will increase the supply of privately rented accommodation, boost owner-occupation, and support landlords and homeowners decarbonise properties. Our proposals include Stamp Duty Land Tax (SDLT) reform to encourage last-time buyers to downsize, reversing Section 24 of the Finance Act, and interest-free energy-efficiency loans.

Online ourchase using credit card and laptop
12 Aug 2024
A positive HMRC Self-Assessment evolution

For many self-employed property agents, self-assessment is how they declare their tax liabilities. However, self-assessment has only been in place since 1996 and was created to streamline the tax collection process for those with untaxed income who declare and pay tax on it. With the move to an online service, HMRC went from zero to 97% of Self-assessment filers submitting their tax returns online.

The impact of Section 24 on buy-to-let landlords.jpg
01 Aug 2024
The Impact of Section 24 on buy-to-let landlords in England

In the summer budget of 2015, Chancellor George Osbourne, announced his intention to limit the ability of landlords to claim tax relief on finance costs including mortgage fees and mortgage interest payments. Despite the significance of Section 24, it is not clear how landlords have been impacted or of their future intentions. The English PRS is in a state of flux and this research is important to identify and address the challenges.

Tax written on chalkboard next to some model houses
31 Jul 2024
Fairness returns as holiday let tax breaks scrapped

HMRC is abolishing tax breaks for furnished holiday lets (FHLs) to take effect from April 2025, bringing in an extra £35 million to the exchequer in the first year. Propertymark has long called for parity between short-term and residential letting, and we welcome this move towards greater balance in the market.

Houses in Cardiff, Wales
19 Jul 2024
Tax reliefs are needed to support supply in the PRS

A summary of responses to the consultation on proposals to abolish land transaction tax (LTT) multiple dwellings relief (MDR) has revealed sector-wide concern about the impact on supply, leading the Welsh Government to commit to further work on the potential benefits, costs and wider impacts on the housing sector.

Scaffolding on houses being built
20 Jun 2024
General Election 2024: housing policy round up

The property industry urgently needs a clear strategy and strong, consistent leadership from the next UK Government. As the nation prepares to go to the polls on Thursday 4 July Propertymark has examined the manifesto promises on housing from major parties to see what is on offer to voters who care about the future of our sector.

Scottish Parliament Building
19 Jun 2024
Housing Bill is unworkable in its current form

Timothy Douglas, Head of Policy and Campaigns at Propertymark, gave evidence to the Local Government, Housing and Planning Committee in the Scottish Parliament on 18 June 2024 as part of the stage one consideration of the Housing (Scotland) Bill. Propertymark believes the Bill must be significantly amended before the Scottish Government’s policy objective to deliver safe, good quality, affordable homes for all can be achieved.

Buy, sell matchstick house.jpg
15 May 2024
Axing multiple dwelling relief risks cuts to housing supply

Propertymark has called on the Welsh Government to think differently from the UK Government and keep Land Transaction Tax (LTT) relief for multiple dwellings as well as maintaining the 6-dwelling rule. Now that the relief is not available in England, the Welsh private rented sector (PRS) could appear more attractive to investors and Ministers should consider other policy approaches to encourage this.

Peron with calculator having a conversation
15 May 2024
Simpler access to tax discounts for low-income households

The Welsh Government is consulting on ways to improve its Council Tax Reduction (CTR) scheme after its 2022-23 report revealed relatively low take-up from households that would potentially be entitled to support. The proposals include linking Universal Credit and the CTR scheme to allow proactive identification of eligible residents.

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