IMLA: Budget should focus on affordable homes – not buy-to-let

Ryan Bembridge

November 20, 2017

Wednesday’s Autumn Budget should focus on affordable housing but leave buy-to-let alone, Intermediary Mortgage Lenders Association executive director Peter Williams (pictured) has urged.

He noted that Chancellor Philip Hammond is under pressure to address the housing crisis.

But Williams said: “Landlords are not the problem rather it is the lack of homes and not least affordable homes – that’s where the Budget should focus.

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“Expectations are rising that decisive action on pushing back the decline of homeownership might emerge from next week’s Budget, but the private rented sector in general and the buy-to-let market particular must be no-go-zones for the Chancellor when it comes to raising revenues to solve the UK housing crisis.

“The private rental sector is already in danger of wilting under sustained pressure of government action, and the market is still in a state of flux due to the raft of regulatory changes imposed over the last two years.”

The buy-to-let sector has had to cope with changes to mortgage interest tax relief and a 3% stamp duty surcharge.

IMLA research shows that four in five (79%) lenders think the Autumn Budget should have solutions on boosting housebuilding, while three in five want more starter homes (58%).

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