ARLA Announces Its Budget Wishlist

The Association of Residential Letting Agents demands Alistair Darling to make several important changes to his budget of April 22. First of all, ARLA wants to see more protection for private tenants in the times of economic downturn and more incentives for BTL landlords to improve the quality of their properties. Secondly, ARLA wants the governments to wither reform or totally abolish the Stamp Duty as it has a negative impact on the activity of large investors in terms of their desire to purchase properties in the buy to let sector. High stamp duty rates prevent large portfolio investors from buying blocks of properties as the stamp duty is based on the total value of the transaction. Thirdly, ARLA suggests that tenants are given at least a 2-month notice before the property is repossessed so that the tenant, who lost his home through no fault of his own, has enough time to find suitable accommodation. Finally, the Association of Residential Letting Agents wants the government to abolish VAT on the purchase of materials and labour in case the landlord plans to improve old property, which is being brought into the rental market. Introduction of capital allowances for buy to let landlords who wish to improve their housing stock as well as an increase in the Landlords Energy Saving Allowance are being strongly advocated by ARLA.