There has been so much in the news lately about the Stamp Duty changes, it is little wonder that there are so many opinions floating around on the subject. At the moment you are never too far away from a “Stamp Duty” article on the internet and today is no exception.
We awoke this morning to an article featured on Landlord Today which was talking about property investors asking for an exemption from the latest stamp duty charges.
According to the article “Professional investors should be exempt from the recently introduced 3% stamp duty surcharge according to the Better Renting for Britain campaign”
“Some of the country’s biggest investors in the private rental sector have written an open letter to the housing minister Brandon Lewis requesting exemption from the extra stamp duty imposed on buy-to-let properties from 1 April 2016”
We have been mulling this over all day and have shared the article on various social media platforms that we manage and after seeing what people have to say, we felt that this article was worth sharing with our opinions.
Now we are merely “Accidental Landlords” and have found ourselves as Landlords through no choice of our own, however we have embraced the idea and actually quite enjoy it.. until recently when all the stamp duty changes came into effect.
We understand why it was brought in…. The Government wanted to put a halt to the buy to let investors who were “gobbling” up the market and preventing first time buyers getting on the ladder plus it will obviously make the Government a lot of money!!! HOWEVER in doing so it has prevented landlords like us from moving our family home (unless we pay the 3% Stamp Duty surcharge) because effectively our family home has become a second home, due to the first home being a buy to let (accidentally of course!)
So when we hear today in the news that Professional Investors wish to be exempt, you have to forgive us for having a strong distaste on the subject. It is because of professional investors “gobbling” up houses on the cheap that we are facing paying the extra stamp duty and yet they now wish to be exempt….
We don’t think that first time buyers stand no chance of getting on the property ladder. Landlords provide a service to people who do not wish to buy, but for those that do ultimately wish to own property, they should be given a chance. If Professional Investors are allowed an exemption, then all we are doing is admitting that the future generation will never be able to buy their own properties. Don’t give them the exemption and give young people a chance to buy if they wish too!
If we give exemption to Professional Investors then all we are doing is admitting that young people will never buy a house and that they will be condemned to a life of renting, which you may think is mad coming from a Landlord because after all we make money from renting out our property but in reality renting should be a stepping stone towards buying your own home and not just a big business for professional investors who are only looking at lining their own pockets and not to keen on the future generations being able to buy houses.