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Live 30,000 build to rent properties have planning permission
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The property industry has called for a sensible Stamp Duty Land Tax (SDLT) regime as new figures show over 30,000 build to rent units have planning permission.
Summary
The property industry has called for a sensible Stamp Duty Land Tax (SDLT) regime as new figures show over 30,000 build to rent units have planning permission.
The British Property Federation (BPF) is urging the government to protect large-scale investments in residential property from a proposed 3% SDLT surcharge for purchasing additional homes.
The federation says the higher rate of tax could cancel out any progress made in the build to rent sector and may result in losing much-needed investment in new housing.
Melanie Leech, Chief Executive of the BPF, said, since the beginning of the year, investment in the build to rent sector had reached a scale never seen before.
“Following the changes that were made to SDLT a few years ago, investment in the sector has really taken off, and it is great to see pension funds and other institutions now investing heavily in housing,” said Melanie.
“There is cross-party support for new housing and a better quality rented sector, and we would expect government to recognise the impact that the SDLT surcharge might have on investment in new homes, and the creation of a better quality rental product.”
Andrew Stanford, UK Residential Fund Manager at LaSalle Investment Management and Chair of BPF’s Build to Rent Committee, added: “We were encouraged by the proposed exemption for large scale investors from the additional 3% SDLT charges.
“If the exemption was not implemented it would have a significant negative impact on our ability to invest in the nascent build to rent sector.”
Harry Downes, Managing Director of FizzyLiving, added: “The professional private rented sector has the skill, experience, commitment and funding to make a substantial contribution to the government’s housing target, and the 15 unit exemption recommendation will ensure that professional management standards remain viable.”
Adam Challis, Head of Residential Research at JLL, concluded: “The build to rent sector has a real opportunity to professionalise, improving both the quantity and quality of private rented properties.
“The 3% SDLT charge would undermine this once in a generation opportunity to give renters a better deal.”
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Live 30,000 build to rent properties have planning permission
784 Viewing this page
The property industry has called for a sensible Stamp Duty Land Tax (SDLT) regime as new figures show over 30,000 build to rent units have planning permission.
Summary
The property industry has called for a sensible Stamp Duty Land Tax (SDLT) regime as new figures show over 30,000 build to rent units have planning permission.
The British Property Federation (BPF) is urging the government to protect large-scale investments in residential property from a proposed 3% SDLT surcharge for purchasing additional homes.
The federation says the higher rate of tax could cancel out any progress made in the build to rent sector and may result in losing much-needed investment in new housing.
Melanie Leech, Chief Executive of the BPF, said, since the beginning of the year, investment in the build to rent sector had reached a scale never seen before.
“Following the changes that were made to SDLT a few years ago, investment in the sector has really taken off, and it is great to see pension funds and other institutions now investing heavily in housing,” said Melanie.
“There is cross-party support for new housing and a better quality rented sector, and we would expect government to recognise the impact that the SDLT surcharge might have on investment in new homes, and the creation of a better quality rental product.”
Andrew Stanford, UK Residential Fund Manager at LaSalle Investment Management and Chair of BPF’s Build to Rent Committee, added: “We were encouraged by the proposed exemption for large scale investors from the additional 3% SDLT charges.
“If the exemption was not implemented it would have a significant negative impact on our ability to invest in the nascent build to rent sector.”
Harry Downes, Managing Director of FizzyLiving, added: “The professional private rented sector has the skill, experience, commitment and funding to make a substantial contribution to the government’s housing target, and the 15 unit exemption recommendation will ensure that professional management standards remain viable.”
Adam Challis, Head of Residential Research at JLL, concluded: “The build to rent sector has a real opportunity to professionalise, improving both the quantity and quality of private rented properties.
“The 3% SDLT charge would undermine this once in a generation opportunity to give renters a better deal.”
