The Society of Licensed Conveyancers has called on Chancellor Philip Hammond to reverse housing reforms implemented in the Spring.
April saw the introduction of an additional 3% stamp duty levy for anyone purchasing an additional property. Policies implemented by former Chancellor George Osborne also stopped buy-to-let investors from clubbing together and excluded buy-to-let and second homeowners from a capital gains tax cut.
The society has called on Hammond (pictured) to reverse the reforms, arguing they have had a significant negative impact on property investment across the whole property sector.
Simon Law, chairman of the society, said: “In spite of some trying to talk the market up there is no doubt that transaction levels and new housing building are being adversely affected by a number of factors. While some people point at uncertainty created by Brexit, it is the society’s belief that Osborne’s punitive and unnecessary reforms to the taxation regime associated with private sector property investors and landlords have been the main cause.
“The reforms have also caused enormous confusion for property purchasers and their conveyancers, particularly in respect of SDLT, resulting in frequent delays and even transaction failure”
“There is a real and significant opportunity for the new Government under Theresa May to unlock economic growth very quickly by simply reversing the Osborne reforms in the Autumn statement.”