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Buy to let movers and shakers have urged the government to consider the private residential landlords as businesses to promote more investment in housing.
Landlord mortgage specialist John Heron, managing director of Paragon Mortgages berated the government for failing to motivate property investors with tax breaks.
Heron made his remarks while raising the curtain on the Council of Mortgage Lenders buy to let conference at London’s Earls Court Conference Centre.
He told the audience of key players in the buy to let arena that landlords needed recognition from politicians that they are running small to medium businesses.
“For years housing policy has failed to address the fact that if we want a larger private rented sector, private landlords have to be motivated to expand supply.,” he said.
“If we look abroad to countries around the world with larger private rented markets you find housing and fiscal policies considerably more supportive of private landlords, with tax breaks for depreciation and capital losses a routine element of the mix used to motivate landlords.
“Such an approach in the UK would make investment less cyclical and more long-term, to the benefit of landlords, tenants and ultimately the UK plc.”
Heron also explained to the conference that buy to let had revolutionised private home rentals, set higher standards and given choice to tenants while giving property investors an attractive asset class.
“The private rented sector makes a great contribution to the UK economy – it facilitates labour mobility and flexibility, provides an income to thousands of small businesses, supports a number of associated industries, such as letting agents and maintenance companies, oils the wheels of the housing market and makes a great contribution to the public purse,” he said.
“Buy-to-let has played a major role in this, providing the vital finance needed to fund the improvement in choice and standards. Buy-to-let is not just about a balance sheet – it has had a clear and tangible beneficial impact on the lives of millions of renters.”
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