Law Firm Supports New Help to Buy Initiative and Stamp Duty Reductions in Next Budget

Gina Peters, who leads the landlord & tenant department at Dutton Gregory Solicitors, suggests that the government should lower stamp duty costs for those buying a second property and introduce a program akin to Help to Buy in order to improve the housing market.

The government’s spring budget is expected on 6 March, with the Chancellor Jeremy Hunt reportedly planning a mortgage scheme similar to Help to Buy that would cover 99% of a property’s value.

Peters expresses concern from landlords over the removal of Section 21, which might pose additional hurdles for those owning rental properties.

She comments, “The government has several opportunities in the forthcoming Spring Budget to provide relief to buy-to-let landlords. They could reinstate a discount on stamp duty for second homes bought for renting, making it more affordable to manage larger rental portfolios.

“Additionally, restoring some form of mortgage relief would help. With many younger people unable to purchase homes, it’s increasingly important for landlords to continue operating in the rental market, which has become a vital part of the economy.

“To meet the surging need for rental homes, the government should offer incentives to help people exit the rental market and provide aid similar to Help to Buy for first-time homebuyers. Without such high demand, we wouldn’t be facing the current housing shortage, and the impending repeal of Section 21 wouldn’t have such a detrimental effect.”