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The introduction of a 3% surcharge for landlords and investors who own a second property has caused uproar in the private rental sector. Landlords and landlord groups have all been quick to condemn the move. They say that the move will have unintended consequences.
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YouGov Survey
Interestingly, a survey carried out by YouGov and BLP Insurance has found that homeowners take the opposite view. 47% of homeowners who responded to the survey said they felt that the surcharge was good for first time buyers, compared to 18% who believed it was a bad idea.
Supporters of the stamp duty surcharge think it will level the playing field.
“The buy-to-let market is slowly destroying the overall housing market and making affordable properties less available for those wanting to own a home as their principal place of residence,” said one respondent.
UK Housing Shortage for First Time Buyers
This is particularly the case in the South West, where there is a big shortage of affordable housing. 59% of respondents from this part of the country were all in favour of the extra charge. Many people are against buy to let as a business model, as they feel it overinflates house prices, causing local people to be priced out of the housing market in their area.
Those who are against the surcharge say any extra costs the landlord has to bear will be passed on to the tenant. Critics also think the move will damage the buy to let sector.
