Brendan Sharkey, real estate and construction specialist at MHA, said:
“Maybe there was too much logic to think that the Chancellor would address the housing market in today’s Budget announcement.
“Housing, along with Education and Health are primary needs. Unfortunately, unlike the latter two Housing provision is not under the control of government and it needs a stimulus. The development of more affordable and energy efficient housing should be a point of policy, particularly given the current status, which is clearly recognised by Michael Gove.
“Reforms to SDLT by increasing the nil rate band to help first time buyers, making the duty payable by the seller and not the buyer, incentivising downsizers would have increased the volume of transactions but not diluted the Exchequers tax take. The withdrawal of SDLT relief for multi-dwelling purchases may reduce tax avoidance but will not change the housing provision.
“The reduction in CGT following the sale of residential properties from 28% to 24% recognises that this will increase the volume of transactions. So why not 20% which is the standard rate?
“What is so wrong in giving tax relief for energy efficient improvements to the landlords rather than criticise for poor quality housing?“
