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BPF Industry Calls for a New Housing Agenda
Source Date: 26 January 2009
A meeting on the 26 January 2009 at the British Property Federation’s London Annual Residential Conference discussed changes in the property industry to rental.
Sir Bob Kerslake, chief executive of the Homes and Communities Agency
Peter Marsh, chief executive of the Tenant Services Authority,
Fionnuala Earley, chief economist of Nationwide Building Society
Richard Blakeway, housing adviser to the Mayor of London.
With the current housing crisis leaving homes vacant due to lack of lending, and many facing repossession or negative equity, the BPF believe that long term rental provides the solution to these problems.
During the London Annual Residential Conference, items that were discussed included; changes to stamp duty, local housing allowance and a “planning system” to help the rental market and stimulate private company investment.
Changes put forward for stamp duty when buying multiple properties so that it is charged per purchases and not on the multiple amount. This would reduce costs for large portfolio investments.
The BPF also want rental developments to be given a special financial model recognised through planning as opposed to the model used for owner occupied properties.
Direct payment of local housing allowance (LHA) was stopped in April 2008 which risks the financial management of social security tenants. Direct payment will ensure landlords will continue to offer rental properties to financially exposed members of society.
Expert views are detailed on the BPF source article. These views strongly vindicate changes to stamp duty, planning system, and local housing allowance, and support the view that stimulating the rental market will help to alleviate problems faced by investors caused by the current housing crisis.
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