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Buy To Let Is Key To UK Property Market Says Chancellor

Posted on: August 12th, 2011 by No Comments

The British Coalition Government announced that buy to let is the best way to solve the housing shortage problem in the country. Moreover, it will allow to attract investment to UK property investment sector.

What is more, the Chancellor believes that should buy to let sector see active expansion, property developers will resume homebuilding.

The UK Government proposed changing the way stamp duty tax is calculated on bulk property purchases. It wants the tax to be calculated by the average value of the properties instead of the bulk value, which will significantly reduce the costs for property investors.

In the opinion of experts at Royal Institution of Chartered Surveyors, the Government’s initiative will “provide a revolution in how rented homes are supplied.”

Mr. Fletcher of the British Property Federation, said that “it will provide an important boost for the private rented sector and we hope will tip the balance in encouraging institutional funds into building homes.”

Both, RICS and BPF, have been calling upon these changes for many years.

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