Buy to let renters have voted for some radical law changes in a new survey looking at the housing market and specifically buy to let council tax.
Just over half of renters (52%) agreed that a new law should make landlords responsible for paying council tax on any homes that they rent out. Another 49% called for an independent housing tribunal with the power to review rent rises and 41% support the government imposing a cap on the number of homes one person can own.
The study, for specialist buy to let lender Market Financial Services, also revealed 62% of property owners with more than one home supported scrapping inheritance tax on passing properties to their loved ones.
The research also took a wider view of the property market and found:
- 55% want a law to axe gazumping
- 52% wanted restrictions on the number, value and locations of homes non-residents could own
- 52% of adults own their home, but only 4% own two or more properties
- 25% of adults rent their home and will not buy in the next 18 months
- 7% of renters plan to buy a home by 2020
When quizzed about setting a minimum three-year term for a tenancy agreement, only 48% of renters with no intention of buying for at least 18 months and 27% of property owners with two or more homes supported the idea.
Paresh Raja, the lender’s chief executive officer, said: “Whether you’re a renter looking to make your first real estate purchase or a homeowner trying to move up the property chain, the property market is facing a number of challenges.
“Our findings demonstrate the public’s desire to have new laws introduced to prevent gazumping, and in turn, reduce the risk of a property chain collapsing. It’s also interesting to note that those people who own two or more residential properties are eager to see property inheritance tax removed on real estate assets.”