Legal & General call on George Osborne to lay off Buy-to-Let

The Director of Legal & General’s Mortgage Club has called on George Osborne to leave the Buy to Let sector free of further changes in his upcoming budget.

Jeremy Duncombe also called for a “housebuilding revolution” whilst speaking to The Times.

Jeremy Duncombe said: “We need to see positive change if we are to combat the ongoing housing crisis.

“One way to achieve this goal is to introduce tax relief based incentives to encourage older borrowers to rightsize. This will help free up a significant amount of housing stock and benefit potential buyers looking to either move up the housing ladder or purchase their first home.

“At the same time, it is imperative that housebuilding remains at the top of the government’s agenda. A ‘housebuilding revolution’ is needed if we are to resolve the imbalance of supply and demand in the UK property market.

“We remain hopeful that the government will refrain from further intervention in the buy-to-let sector. The full impact of the announcements made in the Summer Budget and Autumn Statement are not yet clear, so it is too early to say whether they have had the desired effect on the housing market.

“Further involvement at this stage could therefore derail the important market changes that the Chancellor was seeking.”

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