A Conservative MP says the stamp duty cut announced in the now-legendary mini-Budget at the end of last month should not apply to anyone buying an additional home.
Steve Double, the Tory MP for St Austell and Newquay in Cornwall, has long campaigned for stronger planning powers to stop existing or new homes being used as holiday properties or Airbnb-style short lets. He claims they diminish the housing stock and add to the pressure on house prices, which can then become unaffordable to local residents.
Former Chancellor Kwasi Kwarteng increased the point at which Stamp Duty is charged on property purchases from £125,000 to £250,000 for home movers. The threshold for first-time buyers increased from £300,000 to £425,000 and can be used on purchases worth up to £625,000.
However, Double wants the windfall restricted to primary home purchasers.
He has told the Commons: “The last stamp duty holiday during the pandemic fuelled demand for second homes and that pushed house prices even further above the average level. So even fewer people in Cornwall could afford homes.
“If this latest cut goes ahead, it should be allowed only for primary residences … otherwise … we’ll once again fuel investment purchases of homes in areas like Cornwall.”
Cornwall is one of the areas under investigation in a government review into the effect of short-term holiday lets.
An enforcement proposal put forward by the government - but not yet confirmed - suggests physical checks of Airbnb and other short let premises to ensure regulations in areas including health and safety, noise and anti-social behaviour are obeyed.
Further measures the government is considering include a registration ‘kitemark’ scheme with spot checks for compliance with rules on issues such as gas safety, a self-certification scheme for hosts to register with before they can operate, and better information or a single source of guidance setting out the legal requirements for providers.
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Cornwall desperately needs more long term rental properties.
Even if residents are working long hours the jobs are often low paid or seasonal and not sufficient to satisfy mortgage lending criteria.
I can fully understand the MP being anti holiday rentals but to campaign to hamper traditional BTL seems to be a complete disservice to his constituents.
You are right, there is a desperate shortage of long term rentals in Cornwall and to hinder traditional BTL is just making things worse. However if the "staycation" boom is over then at least some will revert back, so not all bad news. The Govt could help of course by making taxation of BTL fairer, and maybe increase taxation / regulation of short term lets instead to create the right incentives.
Another wind bag that does more harm than good. Been letting in Cornwall 25 years and sold one and just added another to market. If you want the desperately needed property for people to let in the county I suggest Tory mps like him get a real quick change in attitude. Another election will be coming and you my friend will be going.
I am very aware that their is a problem in Cornwall of feral people who won't work,but cause mayhem.
😆😆😆😆😆 Are they really that bad. It’s nice down there
I think you will find they are everywhere these days not just Cornwall!!
Jahan, it is nice down there, my youngest daughter lives there, she'll tell you about all the feral locals though, Redruth for example is a town to avoid at all costs
Andrew noted I need to take off my rose tinted glasses when I next go. All we as citizens want in life is a nice place to go without being robbed or put up with anti social nonsense
Only one court app in 25 years. No other arrears . Generally been very good. Better than Kent and Norfolk where I also let. But I would agree with feral for some. But just choose wisely.
Adrian, you've had problems in Norfolk ? generally we don't, avoid Gt Yarmouth and Thetford though 2 areas that are full of feral people
Andrew. I find it’s usually clean up time in Norfolk. They go out nice and come back tired. I wouldn’t go to Yarmouth either. There in Snettisham.
Good area Snettisham would likely do well as air b&b there ?
They are driving out Private Landlords everywhere, thanks to Council Policy’s and witch hunt, using licensing Schemes, Regulation’s taxes and penalties to speed up the process. It was bad enough having a Rogue Prime Minister, that spent years making anti-landlords regulation’s to destroy private rented sector to favour his cronies from Oxford, Cambridge, Harrow, Eton or Harvard, and carve up the Business for themselves. like Lloyds Bank,Barclays John Lewis, GE etc all rubbing shoulders together that’s plain enough. Then we have Councils attacking us without a justifiable reason. While they sit and watch the situation getting worse and not accountable or have any responsibility, a law all to themselves. Everyone wants everything for nothing and encouraged. Ealing is reported to have 11’000, on the waits lists (must be most of the Borough) it’s a disgrace to have a system so easily abused at tax expense. For good measure they have another 2’000, in B & B, the fast track to get housed, what on earth is it costing, At the same time driving out private Landlords that house people at a fraction of the cost,
Congratulations.
Michael, I have been trying to work out why people are saying small LL's are being driven out in favour of the new BTR brigade. But they all let on ASTs I understand and are all subject to the same rules? I understand they will be companies and not subject to S24 but they are still subject to all of this rental reform crap including losing S21?
Nick, I think you they assume that because BTR are big companies they will be more 'professional' than small LLs. You only have to look at Councils & Social Housing to see that isn't necessarily true! Plus as a business it will all be about the bottom line. I can't really see them providing 3 bed family homes with a garden at reasonable costs across the country - can you? Penthouse apartments with extra facilities is more their bag, where they can charge 'young professionals' top dollar before thy see sense!
Tricia,
I totally share your views. I understand they will cater for professionals and therefore be less worried about legally-aided tenants when problems arise as people will have to pay their own fees. But the loss of S21? And all this ombudsman crap? Landlords will never win anything?
Nick it’s not same for everyone, so we need a HMO additional license for 3 individuals but not any HMO License Selective, Additional or Mandatory for several, if they are in any way vaguely related, do you think that’s fair of Course they’ll all be let on AST. Blocks of Flats don’t need HMO license as I understand it, Rent 2 Rent merchants laughing all the wa to the Bank, subletting, overcrowding, AirBnB mug private LL’s are the fall guys, you mentioned S.24 but several other matters too, it not same for everyone at at.
Thanks. I'm putting licensing aside and S24. I understand all this. It's the new rental reform bill will cover the new BTR companies. I understand they will have a better class of people so less risk but it all will still apply. I would have thought they would have more to say investing all this money into new build blocks and having all these restrictions on them. How will they get rid of a perennially bad tenant...
May as well rename themselves the communist party
That's how the globalist want it
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