More changes are on the way for buy to let landlords in Chancellor Phillip Hammond’s Autumn Budget 2017.
Responding to a written question in Parliament, Communities and Local Government Secretary Sajid Javid revealed the Chancellor has an ace up his sleeve for the November 22 Budget.
Theresa Villers (Con – Chipping Barnet) asked what steps the government is taking to encourage landlords to offer longer tenancies.
“It is important that we … find ways to ensure that more people are offered longer tenancies. That is why I recently announced that the government are actively looking at the issue, and we will bring forward plans to ensure this in the Budget,” said Javid.
Previously, Javid has hinted the Chancellor might make a tax concession to private landlords agreeing tenancies of more than 12 months with renters.
This could be good news for Prime Minister Theresa May, who has recently disclosed she owns a buy to let flat in Central London that earns a rental income of £10,000 a year and is valued at more than £100,000.
The flat was declared in Parliamentary records as tenanted on August 19.
Replying to other written questions, Lord Bourne of Aberystwyth, the Under-Secretary for Communities and Local Government, told Lord Kennedy of Southwark (Labour), the shadow communities spokesman, that a review of council selective licence schemes was also on the way.
Lord Kennedy also asked when client money protection rules would become compulsory for letting agents.
“It is essential that measures on client money protection are considered in the round and implemented in a sensible and coherent way with other changes to the sector, notably the ban on letting agent fees paid by tenants, and regulation of letting agents,” Lord Bourne.
“We will provide more information on legislation and implementation shortly.”