Ben Beadle, chief executive at the NRLA: “The chancellor has once again ignored calls to revitalise long-term investment in quality rented homes in favour of tinkering at the margins for short-term gain.  

"Increasing taxes on holiday lets and cuts to capital gains tax will make no meaningful difference to the supply of long-term rental properties. Meanwhile, those reliant on housing benefits still do not know if their benefits will be frozen from next year or not. 

"The Budget needed to tackle the housing crisis once and for all; what we got was a deafening silence. This was a missed opportunity to make providing new homes to rent and buy the priority it desperately needs to be.”  

Richard Rowntree, managing director for mortgages at Paragon Bank: “We welcome the reduction of the higher rate of capital gains tax paid on residential property from 28% to 24%. This measure is intended to help to stimulate transactions while not negatively impacting net tax revenue.

"The move will hopefully increase fluidity within the property market, spanning both the owner-occupier and PRS, and mean more people will be incentivised to buy and sell properties in a way that best meets their needs and those of society more broadly.”

Gina Peters, head of landlord and tenant at Dutton Gregory Solicitors: "Abolishing the stamp duty relief on multiple dwellings could be seen as another blow to those landlords who increase their property portfolios using it.

"This will likely impact the number of landlords transferring their property portfolios to a company in view of the tax savings there.

"For the BTL industry, a change in mortgage interest relief would have made a big difference in restoring some confidence for those landlords gradually increasing their portfolios, as well as further incentives for landlords to deal with properties that require upgrading, particularly those with regular recurring mould and damp.

"Grants for both ventilation and insulation would be key target areas; this would also work hand in hand with aiding landlords in increasing the EPC rating of their properties, which for many, is financially unattainable."

Jeremy Leaf, north London estate agent and a former RICS residential chairman: "Whether changes in holiday letting arrangements and the reduction in capital gains tax will prove beneficial remain to be seen.

“The reduction in CGT could encourage even more BTL investors who were thinking of selling up to leave the market in case a Labour government increases CGT again in the future. This could further reduce the availability of rental property and push up rents, making it more difficult for tenants and young people in particular."

Alasdair Dunne, head of residential at Fisher German, said: "The chancellor's cut to the top rate of capital gains tax and ending the multi-property stamp duty allowance are relatively niche and will not drastically affect large swathes of the market.

"The changes are unlikely to result in a significant shift in property market activity, although landlords considering selling part of their portfolio may well be encouraged to take the plunge.
 
"While short-term stimulus measure can create an exciting property market, arguably what we need is stability and consistency and not another boom and bust cycle, such as the stamp duty holiday that inflated the market during Covid-19. Stimulus policies can be seen as robbing Peter to pay Paul and do not address the main issues affecting the market."

Rod Lockhart, CEO at LendInvest "The CGT reduction is strategically positioned to support the BTL market by lowering exit costs for investors and improving their returns. 

"As well as improving investor returns, the move could help to drive an increase in the supply of BTL properties on the market, providing much-needed stock for both first-time buyers, first-time landlords, and existing professional landlords looking to expand their portfolios."

Oli Sherlock, managing director of insurance at Goodlord: “As predicted, this Budget didn’t deliver much in the way of housing reform. The most surprising announcement, and one that wasn’t leaked beforehand, is that the higher rate of property CGT will reduce from 28% to 24%.

"This will be welcome news for landlords, but could have the adverse effect of encouraging those on the fence to sell-up. 

“Alongside that announcement, the chancellor confirmed the rationalisation of tax rules by abolishing the furnished holiday lettings tax regime. This is a sensible loophole to close and may help level up the BTL sector and, hopefully, unlock more full time tenancy stock in tourist hubs, major cities, and coastal communities.

"For more meaningful changes, the sector will have to continue waiting for the Renters Reform Bill to finally become law.”

Isobel Thomson, chief executive at Safeagent: "The abolition of the furnished holiday lettings scheme was expected and may bring an increase in supply for the PRS, with landlords turning from short-term lets to longer-term tenancies. However, we would argue that it isn’t enough on its own to incentivise landlords to remain in the market and encourage new entrants.

“Indeed, the chancellor suggested that the reduction of the higher rate of capital gains tax on property sales from 28% to 24% would increase revenue for the Treasury as it would encourage more transactions, but if more landlords are persuaded to leave the sector, there is a risk that this could push up rents further, making it even more difficult for hard-pressed tenants.

“We want action now to increase the supply of much-needed rental property; there seems to be a lack of practical measures which will not take years to come to fruition, such as a plan to bring some of the many empty homes back into use."

Mark Harris, chief executive at SPF Private Clients: “The abolition of the furnished holiday lettings regime was expected - it levels the playing field with other landlords and is better for local communities.

“Is there going to be a flurry of sales from landlords because they will make a saving on capital gains tax? No, they are in it for long-term gain, capital appreciation combined with income yield.