Choosing to sell properties by chain-free auction can avoid lengthy and uncertain buying procedures and save buyers time and money ahead of the Stamp Duty Land Tax increases in April 2025.

Propertymark has welcomed the Welsh Government’s proposal to update the Council Tax system to treat Houses of Multiple Occupation (HMOs) as single dwelling, and ensure that the owner of the property, not the occupant, is responsible for the tax payment. Similar changes were made to the system in England in December 2023.

The proposed tax changes and spending increases laid out by the Chancellor are expected to have a multifaceted impact on the UK economy. It is important to note that the long-term economic impact of these measures will depend on various factors, including the effectiveness of implementation, the response of businesses and consumers, and broader, economic conditions.

Jayne Bryant MS, The Welsh Cabinet Secretary for Housing and Local Government has outlined the progress of the controversial Second Homes Pilot Scheme in the Dwyfor areas and expansion plans that 21 other local authorities will charge a council tax premium on second homes and long-term empty properties from April 2025.The Scheme looks to implement higher tax rates for second homes and holiday lets and introduce grants for first-time buyers to renovate empty homes.

The UK’s first female Chancellor of the Exchequer, Rachel Reeves, MP, delivered the first Labour Budget for 14 years on 30 October 2024, announcing tax increases worth £40 billion. Whilst agents will be relieved not to see a hike in Capital Gains rates, it is disappointing that the reversal of Section 24 and support for property owners to meet Minimum Energy Efficiency Standards have been overlooked. It is also a missed opportunity to give structured support to first-time buyers and downsizers to boost consumer confidence.

The property expert and MoveiQ founder has agreed with the proposals we submitted in our Autumn Budget representation. This Budget offers Chancellor Rachel Reeves MP a real opportunity to promote much-needed progress in the sector. Her decisions regarding SDLT reform, support for first-time buyers and energy efficiency, and the clarity she provides on landlord taxation, will be crucial in determining the future direction of the UK housing market.

Propertymark has prepared deliverable and achievable spending commitments that will increase the supply of privately rented accommodation, boost owner-occupation, and support landlords and homeowners decarbonise properties. Our proposals include Stamp Duty Land Tax (SDLT) reform to encourage last-time buyers to downsize, reversing Section 24 of the Finance Act, and interest-free energy-efficiency loans.

For many self-employed property agents, self-assessment is how they declare their tax liabilities. However, self-assessment has only been in place since 1996 and was created to streamline the tax collection process for those with untaxed income who declare and pay tax on it. With the move to an online service, HMRC went from zero to 97% of Self-assessment filers submitting their tax returns online.

In the summer budget of 2015, Chancellor George Osbourne, announced his intention to limit the ability of landlords to claim tax relief on finance costs including mortgage fees and mortgage interest payments. Despite the significance of Section 24, it is not clear how landlords have been impacted or of their future intentions. The English PRS is in a state of flux and this research is important to identify and address the challenges.

HMRC is abolishing tax breaks for furnished holiday lets (FHLs) to take effect from April 2025, bringing in an extra £35 million to the exchequer in the first year. Propertymark has long called for parity between short-term and residential letting, and we welcome this move towards greater balance in the market.

A summary of responses to the consultation on proposals to abolish land transaction tax (LTT) multiple dwellings relief (MDR) has revealed sector-wide concern about the impact on supply, leading the Welsh Government to commit to further work on the potential benefits, costs and wider impacts on the housing sector.

The property industry urgently needs a clear strategy and strong, consistent leadership from the next UK Government. As the nation prepares to go to the polls on Thursday 4 July Propertymark has examined the manifesto promises on housing from major parties to see what is on offer to voters who care about the future of our sector.

Timothy Douglas, Head of Policy and Campaigns at Propertymark, gave evidence to the Local Government, Housing and Planning Committee in the Scottish Parliament on 18 June 2024 as part of the stage one consideration of the Housing (Scotland) Bill. Propertymark believes the Bill must be significantly amended before the Scottish Government’s policy objective to deliver safe, good quality, affordable homes for all can be achieved.

Propertymark has called on the Welsh Government to think differently from the UK Government and keep Land Transaction Tax (LTT) relief for multiple dwellings as well as maintaining the 6-dwelling rule. Now that the relief is not available in England, the Welsh private rented sector (PRS) could appear more attractive to investors and Ministers should consider other policy approaches to encourage this.

The Welsh Government is consulting on ways to improve its Council Tax Reduction (CTR) scheme after its 2022-23 report revealed relatively low take-up from households that would potentially be entitled to support. The proposals include linking Universal Credit and the CTR scheme to allow proactive identification of eligible residents.

HMRC has opened a pilot scheme for the proposed Making Tax Digital service for quarterly reporting. From 22 April 2024, agents can voluntarily sign up their landlord clients if they meet certain criteria.