British Property Federation calls on chancellor Philip Hammond to bolster the build to rent sector
The property industry is calling on chancellor Philip Hammond to focus on the build to rent sector and cut new stamp duty taxes.
According to the British Property Federation (BPF), the number of properties in the build to rent sector has jumped 200 per cent over the past year, delivering 67,000 homes.
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The BPF said in order to make sure even more homes are being built, Hammond should pull back on George Osborne's increase in stamp duty tax on second homes.
Obsorne's three per cent tax hike for second homes came into effect at the beginning of April, leading many buy to let landlords to flee the property market. Home sales spiked in March, but subsequently dropped off dramatically.
The BPF are hoping that Hammond will reverse the policy in his Autumn Statement in November.
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Melanie Leech, chief executive of the British Property Federation, said: "The build to rent sector has been one of the good news stories of the housing market over the past few years and it is great to see quality rental homes now coming on to the market at scale.
“The truth is the sector could be delivering so much more, however, if it can find the opportunities and maintain confidence to invest. The Brexit negotiation period provides a window of opportunity to channel even further investment into this form of housing supply."