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.

Propertymark’s Head of Policy and Campaigns, Timothy Douglas, met Patrick Harvie, MSP, as part of the Scottish Government’s Private Rented Sector Stakeholder Group to discuss the Housing (Scotland) Bill and continued to assert that rent control proposals should be dropped in favour of focusing on other actions to make the private rented sector more affordable. This will ensure there is an adequate housing supply that meets increasing demand and tackling existing inequalities of income and wealth.

A short consultation has been issued by the Welsh Government that would abolish LTT (Land Transaction Tax) Multiple Dwelling Relief from 1 June 2024 and would mean landlords purchasing more than one property from the same seller in a single transaction or linked transactions will no longer be able to claim back a proportion of their LLT liability.

Propertymark supports Welsh Government proposals to extend the time allowed to apply for refunds and exemptions to land transaction tax (LTT) higher residential rates for taxpayers affected by fire safety defects or emergency restrictions but calls for the Covid-19 restrictions to be included.

Homes in England with no residents will attract a council tax premium of up to 100% from next month as tax reforms aimed at supporting people in areas where empty properties prevent them from finding affordable housing come into force.

Our Head of Policy and Campaigns, Timothy Douglas, gave evidence to the Local Government and Housing Committee inquiry into the private rented sector (PRS) in Wales, urging them to learn lessons from the impact in Scotland and elaborating on key measures which were contained in Propertymark’s written evidence, such as a review of taxation, improved data collection, and a clear strategic plan to positively move the sector forward.

The Chancellor of the Exchequer delivered his Spring Budget on 6 March 2024, likely to be the last before a General Election. Whilst a cut in Capital Gains Tax on property transactions will be welcomed, the sector will be disappointed that key measures, such as stamp duty breaks for last time buyers, increasing mortgage availability and a suspension of the 3% stamp duty land tax premium on buy-to-let purchases have been overlooked.

The Devolved Government has been restored after 24 months of no activity. Whilst the Civil Service moved ahead with some actions, there are issues for the housing sector which have been on hold. Ministers must now act to make key improvements to address supply, implement the rest of the Private Tenancies Act, and rule out rent controls to protect the private rented sector.

Our pro-growth solution to tackle challenges the housing sector is experiencing has been sent to HM Treasury which focuses on increasing supply in the private rented sector, will boost home ownership, and generate momentum in the wider property market.

Around 1.6 million private renters are set to receive an uplift to their housing support for 12 months from April 2024, as the UK Government lays legislation to raise Local Housing Allowance (LHA). The increase will benefit some of the poorest families on either Universal Credit or Housing Benefits who will gain around £800 a year on average.

Finance Secretary Shona Robison, MSP, missed the opportunity to take action on the housing emergency in Scotland as she gave her Budget Statement on 19 December 2023. Spending on housing will fall by more than £200 million for the next financial year.

In our pre-budget scrutiny Propertymark has called for an increase in the number of homes available to house the Scottish population, with improved standards, help to reduce energy bills, and a private rented sector (PRS) that is fair for everyone.