Welsh minister backs review of existing higher stamp duty rates for landlords

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Welsh Minister for Climate Change Julie James has backed the NRLA’s call for a review of property taxation in the PRS.

Speaking at the launch of the group’s State of the Welsh Private Rented Sector report, the Minister said she was “very interested” in looking at how to ensure a level playing field around Land Transaction Tax and would welcome ideas about supporting the provision of long-term rental homes.

NRLA research found that 76% of Welsh landlords say demand for rental properties has increased in the first quarter of 2023, however, despite this, 48% planned to cut the number of properties they let.

It has urged the government to exempt the purchase of additional homes for long term rent from the 4% Land Transaction Tax levy. It says this would encourage landlords to bring properties into the sector, potentially where they were previously vacant or in a state of disrepair.

Better information

James also accepted the NRLA’s calls for better information about the sector in Wales after the report warned that the availability of comprehensive, up-to-date, and official data on who lives in the sector, its exact size, and the type of properties remained limited.

The Minister agreed the government needed to improve this to make decisions affecting the rental market and also backed a potential Welsh Housing Survey.

Hampered

Chief executive Ben Beadle says it’s a welcome move. “Too often good decisions have been hampered by a lack of robust data on the state of the rental market,” he adds. “We will continue to work with the government to ensure policy is rooted in evidence and what works for responsible landlords and tenants.”

Earlier this month, the Welsh government launched a consultation on fair rents and adequate housing in which James revealed she was considering rent controls.

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