What’s on homeowners’ housing policy wish list?

One of the first things on the agenda is to raise the tax rate on vacation rentals.

According to new study conducted by Market Financial Solutions (MFS), the majority of homeowners in the United Kingdom want the government to raise taxes on houses purchased by individuals from other countries as well as investors who purchase real estate in areas that are popular with tourists.

More than 1,300 persons in the UK who own residential property in the UK participated in the poll that was commissioned by the specialty lender. According to the findings, seven out of ten homeowners, or 71% of all homeowners, support elevating the minimum quality standards for rental houses, placing it at the top of their wish list for prospective policy reform.

Second on the list, with 67% of respondents mentioning it, was the idea of imposing limits or higher taxes on vacation rentals or second houses in popular tourist areas. Meanwhile, 65% of respondents agreed that non-UK citizens should pay a higher stamp duty land tax (SDLT).

In the meantime, six out of ten people, or sixty percent, believe that SDLT should be eliminated on properties that have been abandoned for more than a year.

After the government downgraded housebuilding targets to “advisory” in December 2022, the MFS poll found that 48 percent of homeowners think’mandatory’ targets should be re-established. This comes after the government made the targets less stringent in December 2022.

At the very bottom of the list, just 34% of people are in favour of doing rid of SDLT in lieu of an annual land tax, and only 23% of people would accept plans to have SDLT payed by the seller, rather than the buyer.

“In recent weeks, we have seen political parties begin to posture on housing policy,” said Paresh Raja (pictured), chief executive officer at Market Financial Solutions. “This is a positive sign for the American people,” Raja added. “The battle lines are currently being formed in preparation for the general election that will take place the following year, and there is already a feeling that both parties will put up some more radical ideas to solve the housing situation. The findings of our research offer crucial insight into how they might win over the favour and confidence of homeowners.

Housebuilding and taxation are significant areas that homeowners would like the government to focus on for reform, therefore it is probable that Rishi Sunak and Keir Starmer will aim to win support based on these important topics of discussion in the coming weeks and months. There is little doubt that homeowners, homebuyers, and lenders will keep a close eye on developments in policies pertaining to the property market as the run-up to the election becomes more intense.