Mortgage chief demands government support for rental sector
A leading mortgage industry spokesman says he hopes Theresa May’s “more balanced approach” to housing policy will trigger government support for the private rental sector.
David Copland, the new deputy chairman of Association of Mortgage Intermediaries and director of TMA mortgage club, says he believes the Autumn Statement in two weeks’ time will be an opportunity for Chancellor Phillip Hammond to announce policies to balance renting and ownership in a way not necessarily seen in recent years.
“Investment into the private rental sector should be encouraged. The government could offer housing associations easier access to capital to expand development programmes for rental properties more quickly. In addition, tax relief incentives for funds that invest in rental developments will also help stimulate the market” says Copland.
“The fundamental challenge that remains is still the limited supply of housing stock in Britain. This will continue to push up rental demand and bolster prices, hurting both prospective homeowners and renters” he warns.
Copland believes this month’s statement could see further changes to stamp duty.
“A reversal on the recent three per cent [additional properties] hike has been muted. Policymakers would be wise to look at stamp duty thresholds and could raise the threshold for first time buyers to £250,000, helping more people onto the property ladder” he says.