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The new report also advocates for policies to assist first-time buyers by making the current temporary nil-rate bands on stamp duty for properties up to £425,000 permanent. It further suggests expanding access to shared ownership schemes and reviewing post-financial crisis mortgage rules that may hinder potential borrowers.
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For older homeowners, UK Finance proposes an independent advice service to help them with housing decisions, along with a stamp duty exemption to reduce costs for those downsizing. It recommends that the government’s housing targets include homes suitable for older buyers in desirable locations.
In the rental market, UK Finance suggests an annual review of the Local Housing Allowance to align with rising rents. The organisation also recommends a government-sponsored registration system for landlords, aimed at easing compliance for landlords and identifying substandard properties. Tax incentives for green upgrades to rental properties were also proposed.
“Everyone needs a safe, secure, and affordable home, so we welcome the government moving quickly to reduce the UK’s housing shortfall and get more people onto the housing ladder,” said Charles Roe (pictured), director of mortgages at UK Finance.