Those with buy to let property insurance are hoping that government plans for tax breaks for landlords will still go ahead after a lobby group criticised the move.
PricedOut, which campaigns on behalf of first-time buyers, says that the scheme to help out buy to let investors is unfair to those trying to get onto the property ladder. According to the Guardian, the plans will enable buy to let insurance policyholders to pay stamp duty on individual properties to reduce their bills, even when purchasing a large group of houses.
The Treasury has refuted the claims of PricedOut, arguing that the tax break would increase housing supply, which will eventually benefit first-time buyers looking for an affordable property.
Recent rent increases are great news for buy to let insurance holders, but this progress could be undone by changes to the Planning Use Classes Order, claims an expert. Alan Ward, chairman of the Residential Landlords Association, recently said: “Changes to the Planning Use Classes Order could undo positive rent rises experienced by buy to let insurance holders.”