Landlords want the Government to reduce their Stamp Duty rates to encourage growth in the rental sector according to Ryan Etchells (pictured), Chief Commercial Officer at Together.

Research by the BTL lender reveals the real impact on buy-to-let landlords of the rise in their SDLT surcharge from 3% to 5%. It found that 15% of landlords cite the increase as their biggest investment challenge this year.

Preventing a rental crisis

And nearly a quarter (24%) want the Government to reform Stamp Duty to prevent a rental stock crisis.

Together does also note, though, that buy-to-let lending remains strong, growing 16% to £2.2bn in 2024.

Etchells commented: “Higher Stamp Duty may trigger some individual, private landlords to carefully consider how these costs will impact their property plans.

The Government must consider the knock-on effect this will have on providing good quality rental stock.”

“The Government must consider the knock-on effect this will have on providing good quality rental stock, which is a vital component of the housing market. With affordability for first-time buyers becoming ever more out of reach for a growing number of the population rely on rental properties.

“Constant attacks on the sector will only force landlords out of the market, reducing the number of properties available and forcing rent upwards, further impacting the ability to save for a deposit.

“As expected, nearly a quarter of landlords told us that the Labour Government should prioritise ‘reducing or reforming’ Stamp Duty on additional properties in order for the sector to be financially viable.

He concludes: “Whilst it’s disappointing that the new Stamp Duty charges are now in place, our customers tell us that there are still plenty of opportunities out there. Demand for rental homes remains, and landlords who can evolve to address these challenges will surely find success.”