Buy-to-let landlords are calling for the Welsh government to help get the housing market in Wales moving again by amending or abolishing the 3% stamp duty surcharge on buy-to-let properties and second homes.
Nine months on since the stamp duty changes on second properties and buy-to-let continues to operate at lower levels than a year ago, reflecting the fact that the rise in second home stamp duty has noticeably deterred investment in the private rented sector.
Virtually all buy-to-let landlords would like to see the 3% stamp duty surcharge on second homes abolished, and now landlords in Wales see the introduction of the new Welsh Land Transaction Tax (LTT) - which replaces stamp duty in 2018 - as an opportunity to remove the levy where a landlord is adding to the housing supply.
The Welsh government insists that the revenue made by the higher rate is “essential to the delivery of public services”, but the Residential Landlords Association says the levy will continue to deter investment in the PRS and limit much needed housing supply, placing upward pressure on rents.
Douglas Haig, vice chairman of the Residential Landlords Association and its director for Wales said: “The government has rightly made boosting the supply of housing, including homes to rent, a priority.
“Whilst we believe the planned levy on homes to rent out will most hurt vulnerable tenants needing a place to live, the assembly has an opportunity to make constructive changes to the bill to rectify this and back the nation's tenants.”
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