Insurance News Archive

Stamp duty holiday should go to buy to let insurance holders

Posted by Judith Stevenson

The stamp duty holiday for first-time buyers on homes under the price of £250,000 should be extended to buy to let insurance holders, an expert has claimed.

David Brown, commercial director of LSL Property Services, said that once again property investors have been overlooked.

"With the supply of affordable housing unlikely to meet the rising demand, and the provision of social housing woefully inadequate, rented accommodation will become even more vital to the UK housing market," he added.

Mr Brown stated that expanding the break to the private rented sector will help to meet the UK's growing housing needs.

The stamp duty break for first-time buyers will last for two years, while the Council of Mortgage Lenders estimated that if it had been in place in 2009, around 92 per cent of first time buyers would have been exempt.

A new five per cent rate will be added to the stamp duty on homes which cost more than £1 million to pay for the break for first-time buyers.

26 Mar 2010