TV property expert Phil Spencer has appealed to Chancellor Rachel Reeves not to hike Capital Gains Tax in next month’s Budget.
In an interview with the London Standard – now a weekly newspaper – Spencer warns that speculation about a CGT hike has forced some landlords to sell up and thus cut choice for prospective tenants.
According to Rightmove, almost one in five of homes currently for sale has previously been let out.
Spencer tells the Standard: “[The CGT threat] is massively reducing the number of properties available for rent and that is massively increasing the cost of rent. It is a vicious circle.
“I worry greatly unless landlords are incentivised about what will happen to society. We will get into a pickle where there isn’t enough private rented housing to go around.
“I would really like to see the situation improved for landlords. They have to make buy to let an attractive proposition.”
Spencer would also like government help for Baby Boomers who want to downsize.
According to the Office for National Statistics, almost nine million homes in England and Wales have at least two spare rooms, while more than eight million have one spare room, adding up to more than 26 million spare bedrooms across the UK.
“Our homes are so much more than homes. They are our privacy, our sanctuary, they are where we bring up our children, and they are filled with our treasures and things that we love. They are very emotive and people get very tied to them” says the Location Location Location presenter.
He says a stamp duty incentive would help persuade reluctant downsizers to get on with it, especially when they are still fit and able – this freeing more family houses for younger buyers.
His housing wish list also includes reform of the planning system, and a speeding up of conveyancing.
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Capital Gains Tax - “Don’t increase it Rachel” says Phil Spencer
