A short consultation has been issued by the Welsh Government that would abolish LTT (Land Transaction Tax) Multiple Dwelling Relief from 1 June 2024 and would mean landlords purchasing more than one property from the same seller in a single transaction or linked transactions will no longer be able to claim back a proportion of their LLT liability.

Propertymark supports Welsh Government proposals to extend the time allowed to apply for refunds and exemptions to land transaction tax (LTT) higher residential rates for taxpayers affected by fire safety defects or emergency restrictions but calls for the Covid-19 restrictions to be included.

Homes in England with no residents will attract a council tax premium of up to 100% from next month as tax reforms aimed at supporting people in areas where empty properties prevent them from finding affordable housing come into force.

Our Head of Policy and Campaigns, Timothy Douglas, gave evidence to the Local Government and Housing Committee inquiry into the private rented sector (PRS) in Wales, urging them to learn lessons from the impact in Scotland and elaborating on key measures which were contained in Propertymark’s written evidence, such as a review of taxation, improved data collection, and a clear strategic plan to positively move the sector forward.

The Chancellor of the Exchequer delivered his Spring Budget on 6 March 2024, likely to be the last before a General Election. Whilst a cut in Capital Gains Tax on property transactions will be welcomed, the sector will be disappointed that key measures, such as stamp duty breaks for last time buyers, increasing mortgage availability and a suspension of the 3% stamp duty land tax premium on buy-to-let purchases have been overlooked.

The Devolved Government has been restored after 24 months of no activity. Whilst the Civil Service moved ahead with some actions, there are issues for the housing sector which have been on hold. Ministers must now act to make key improvements to address supply, implement the rest of the Private Tenancies Act, and rule out rent controls to protect the private rented sector.

Our pro-growth solution to tackle challenges the housing sector is experiencing has been sent to HM Treasury which focuses on increasing supply in the private rented sector, will boost home ownership, and generate momentum in the wider property market.

Around 1.6 million private renters are set to receive an uplift to their housing support for 12 months from April 2024, as the UK Government lays legislation to raise Local Housing Allowance (LHA). The increase will benefit some of the poorest families on either Universal Credit or Housing Benefits who will gain around £800 a year on average.

Finance Secretary Shona Robison, MSP, missed the opportunity to take action on the housing emergency in Scotland as she gave her Budget Statement on 19 December 2023. Spending on housing will fall by more than £200 million for the next financial year.

In our pre-budget scrutiny Propertymark has called for an increase in the number of homes available to house the Scottish population, with improved standards, help to reduce energy bills, and a private rented sector (PRS) that is fair for everyone.

Focusing on the key housing sector themes, Propertymark is calling for prioritisation of work with the PRS on homelessness, investment in reliable data collection, and a boost in support for decarbonisation.

Local Housing Allowance (LHA) will at last be unfrozen and Universal Credit (UC) will rise under UK Government tax and spending plans announced by Chancellor of the Exchequer, the Rt Hon Jeremy Hunt, MP, today, 22 November 2023. Rate relief and full expensing for businesses are also included.

Propertymark gave evidence to the Scottish Parliament’s Local Government, Housing and Planning Committee on 21 November 2023 outlining that the Scottish Government’s plans to increase council tax premiums on second homes are not an effective policy measure to increase the supply of homes and grant funding is needed to support getting empty homes back into use.  

Shared housing tenants in England may save as much as £1,000 a year after the UK Government announced it is ending the practice of council tax banding individual rooms in houses in multiple occupation, a move Propertymark supported in our response to the consultation in March 2023.

With a General Election on the horizon, the UK Government has an opportunity to support landlords, tenants, and property agents with the impact of the cost of living through welfare reform, bring down energy bills by improving the energy efficiency of homes and reducing the tax burden on landlords and investors to tackle the demand the crisis in the private rented sector.

In a speech designed to remind voters of her economic pedigree and credibility to manage the economy, Shadow Chancellor Rachel Reeves announced her intention to increase the Stamp Duty surcharge for overseas buyers.