BPF seeks stamp duty reversal

The British Property Federation and its build-to-rent members are urging the chancellor to bring in measures to help the sector meet the government’s housing targets in the face of uncertainty over Brexit. It is seeking changes to the SDLT surcharge on additional homes at the Autumn Statement, which would provide a shot in the arm to the sector. The government unexpectedly included large-scale investors in its changes to second home stamp duty in March, adding to the cost of buying new developments. In its Autumn Statement submission, the BPF also urged clearer national planning policy for build-to-rent developments and flexibility on space standards by up to 10%. Chief executive Melanie Leech said: “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. The sector was kickstarted a few years ago with support from government and further modest planning and SDLT changes we believe could firmly send it into overdrive.” New statistics from the BPF show in the past year the number of build-to-rent units with planning permission, under construction or completed in the UK has surged by more than 200% to 67,000. UK regions have seen an increase of almost 400%, from 7,000 units in October 2015 to more than 34,000 a year on. • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @egalexpeace or @estatesgazette