“It was tricks rather than treats for landlords tonight during the Chancellor’s autumn Budget, as new legislation further restricts Lettings Relief. This legislation is a punishment to individuals who have worked hard, and chosen to invest their hard-won earnings in property. Limiting Lettings Relief to properties where the owner is in shared occupancy with the tenant negates all the benefits that Lettings Relief was meant to offer.
“There is no denying that the decisions made by the Government are the result of a lack of affordable homes and new housing stock for our growing population to live in. Buy to let landlords have been continually penalised by the Government in recent years, and this year was no exception.
“In light of this new legislation, our message to landlords is don’t panic. Renting is becoming less of a dirty word in British culture, purely because of the freedoms that renting allows. The marked increase in the quality of rental accommodation by private landlords and the likes of new build to rent developments, highlights that the property industry is committed to making tenancy an enjoyable option.
“In the long term, the shift towards rental culture is only expected to gain strength, placing landlords and property investors in the perfect position to supply what the market desperately needs. I was disappointed to hear the Chancellor’s plan to limit Lettings Relief, but am confident about the future of the lettings industry long term.”
Michelle Niziol, CEO of Michelle Niziol Bespoke Property Solutions