The government left the buy-to-let sector alone in today’s Budget.
The market had feared further curbs following last year’s announcement of the stamp duty surcharge and hit on interest relief.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “It is reassuring to see that the Chancellor has heeded the advice of industry experts and left the Buy-to-Let sector untouched in this year’s Budget. The changes to this market made by George Osbourne in 2015 can now be given time to bed in, allowing us to see whether they will actually achieve their goals.
“Applying further checks and balances at this point would not resolve the wider issue of declining numbers of owner-occupied properties and could in fact have a negative impact on the changes that have already been announced.
“Until the issue of inadequate housing supply is properly dealt with, the private rental sector will continue to play a vital role in the UK housing market. For those who are looking to purchase their own property, however, the introduction of tax relief based incentives could help to encourage older borrowers to rightsize, freeing up properties further up the housing ladder, and easing the imbalance between supply and demand.
“An industry-led effort to encourage this shift will ultimately enable more borrowers to realise their ambition of homeownership.”
