8^th Apr 2019

Iain Duncan Smith the former leader of the Conservative Party has slammed the previous chancellor, George Osborne, for his policies regarding housing.

At a recent buy-to-let investor show, the former work and pensions secretary heavily criticised Osborne's policies affecting the BTL sector and said they had caused many investors from expanding their portfolios.

Osborne's decision in 2016 to introduce a 3% stamp duty for those purchasing a second home, or adding to their portfolio together with the reduction in mortgage interest relief, has had a detrimental effect on the private rented sector as applications and approvals for BTL mortgages have drastically fallen.

However Duncan Smith did state at the show that he is in favour of increasing taxes for BTL investors who leave properties empty.

He used the example of a US policy to back up his stance and said: “We would be better off levying a tax on empty homes. For example, in New York, apartments can incur a tax of up to $20,000 if they are left empty.”


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