10:57 AM, 4th July 2017, About 5 years ago
Professor David Miles was a Monetary Policy Committee member at the Bank of England from 2009 until 2015 and has said the tax attacks against landlords by the government with Section 24 and Stamp Duty surcharges are “profoundly wrongheaded”.
Speaking at an event held by New City Agenda David Miles told the audience that government policies designed to attract the popular vote against landlords would backfire and only hurt tenants.
Professor Miles said, “one response, and in some ways it has been perhaps the most significant housing policy response in recent years, is to point one’s finger at the rental sector and say, well it is kind of their fault.
Talking about the increased costs faced by landlords professor Miles said, “I think these measures were introduced in order to try to help make housing more affordable for people who want to buy them, I think they are almost certainly wrongheaded.”
“I suspect that they will have a negative impact on the ability of young people to become homeowners, because those people are in the rented sector already.”
“Making rental property more expensive, as is very likely if you reduce the attractiveness to suppliers of rented property, if a side effect of that is to make rents even higher, it is very hard to see that as helping the people who you are trying to help become homeowners.”
For reference please also see:
Today I launch my comprehensive report: Section 24 of the Finance (No. 2) Act 2015: “the unjust legislation that will make the UK housing crisis much worse.” I would like to thank all of those who have contributed to this report, which I hope will have a significant impact in our campaign to reverse this… Read more
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