The Chancellor could have gone “further and faster” in rolling out policies which would help homeowners and the property market, an expert has said.
Jonathan Rolande, from the National Association of Property Buyers, said: “Axing the 5% VAT on insulation and energy saving products is welcome and long called for, but Rishi Sunak could have gone even further with enhanced tax reliefs for landlords to get their tenant’s homes warmer and cheaper to run.
“The Spring Statement is only ever the poor relation to the budget itself although in these unprecedented times an opportunity to do more was lost. Many businesses are already thriving, he was right to be prudent to avoid adding to the inflation problem but more targeted help to families would have been welcome.
The fuel cut of 5p is less than the enhanced VAT currently being generated so at today’s prices the Government is still winning. Inflation averaging at 7.4% means much higher rates expected at least for a short time.”
Jonathan Rolande also outlined the measures he’d like to have seen.
“Rishi Sunak could have increased the second property Stamp Duty,” he added. “This would have helped suppress the BTL/second home market. Additionally, we’d have benefited from seeing an increase in overseas buyer stamp duty from 2% to 3% for first property increasing to 4% for subsequent homes. I’d like to see him increase the FTB 0% stamp from £300,000 to £350,000 to reflect the huge price increases we are seeing in the market.
“I’d also back handing landlords tax relief on insulating materials for let property – it is a scandal that tenants must live in cold, expensive to heat homes that they are unable to insulate themselves.”
