Chancellor of the Exchequer Rishi Sunak announced a number of measures affecting the property sector in the UK government’s 2021 budget, but Propertymark believes more should be done to tackle COVID-related rent arrears.

As stated in Representation of the 2021 budget of PMRA Propertymark, Propertymark focused on six key areas to support members:

  • Provide financial support to the private rental sector
  • Increase the local housing allowance
  • Ensure that universal credit is adequate and more efficient
  • Reopen courts to deal with the backlog of housing cases
  • Support investment in the private rental sector
  • Build more social housing

Propertymark has also worked with other industry organizations calling for a targeted financial package to help tenants pay off arrears accumulated since foreclosure measures began in March of last year. This will help maintain existing rentals and keep tenants in their accommodation, while ensuring that rental debt is not at risk of causing them to find accommodation in the future.

February 18, 2021

The Chancellor must act to deal with the rental debt crisis

Propertymark, alongside other sector organizations, calls on the Chancellor to act now and agree on a targeted financial package to help private tenants pay COVID-19 rent arrears to help maintain existing rentals and keep tenants in their homes.

Increase in universal credit

The UK government has announced an extension of the temporary £ 20 per week increase in the Universal Credit Standard Allowance for an additional six months which applies to all new and existing Universal Credit applicants and they will maintain the £ 2,500 higher capital gain threshold for Universal Creditors for an additional year until April 2022.

Propertymark believes that this does not solve the fundamental problems that continue to make universal credit inadequate and inefficient for both tenants and landlords in the private rental sector. In order to maintain rentals and support tenants, the UK government needs to do three things:

  1. tenants should have the choice of whether the housing component of their universal loan is paid directly to their landlord.
  2. all applicants should be able to choose to have universal credit paid monthly or twice a month to help with budgeting.
  3. to cope with rent arrears, the advance from Crédit Universel must be transformed into a non-refundable grant from the first day of the claim. With these changes, Universal Credit can offer more flexibility and better reflect the reality of life for applicants, especially those with low incomes, and better support rentals in the private rental sector.

Extension of real estate tax relief on stamp duties

Since the announcement of the stamp duty property tax relief, Propertymark and its members have collectively lobbied the UK government to avoid a precipice leading to the failure of thousands of sales.

The UK government has announced that the zero rate bracket up to £ 500,000 will end on June 30, instead of March. A transitional zero rate tranche of up to £ 250,000 will be in place until September and then drop to £ 125,000 from October. This is great news for the industry as a whole and Propertymark is happy that the Treasury has listened to our campaign.

In addition, a new mortgage guarantee program in April 2021 will provide security to lenders across the UK who offer mortgages to people with a deposit of just 5% on homes valued up to 600,000. £.

Business support announced

  • Corporate tax will drop from 19% to 25% from April 2023, but companies with profits below £ 50,000 will remain at 19%.
  • £ 3,000 will be given to companies for every new apprentice hired between April 1 and September 30, 2021.
  • The Coronavirus Job Retention Scheme (CJRS) will be extended until the end of September.
  • The leave scheme will be extended until the end of September 2021.
  • The Self-Employed Income Support Scheme (SEISS) will be extended and eligible businesses will be able to receive two more grants.

Budget 2021 →

More lobbying

Propertymark will continue to press government and industry decision makers to make these vital changes.

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