A Conservative think-tank has suggested that tax breaks for buy-to-let landlords are scrapped in order to enable more people to get their foot onto the property ladder for the first time.

The think-tank Onward has called for an end to these tax breaks to make the housing market fairer for those who want to buy their first home given that the growth in the buy-to-let market has prevented over 2.2 million people from owning their own home. It has said that there should be reforms in tax policies to reflect property as a speculative asset, as investors had pushed up house prices as well as rent.

Onward also pointed out that renters in private property spent just 10% of their income on accommodation across the country in the 1960s, 1970s and early 1980s compared to 30% today. In addition, the cost of renting had contributed to 48% of men aged between 22 and 26 living with their parents.

There are several proposals that have been put forward that are believed to help tackle the UK’s housing crisis. One of them was to give more councils the power to stop buyers from overseas purchasing new property in areas where demand is high and supply is low, driving up prices and further preventing many people from buying their first home.

The think-tank also pointed out that private renters spent an average of just 10% of their income on accommodation across most of the country and 15% in London in the 1960s and early 1980s, compared with 30% and 40% respectively today.

We have many first-time buyers looking to settle down in a place to call their own, so let’s hope that this is only made easier for them to do.

As one of West of Scotland’s longest established estate agents, we’ve helped families across the country buy, rent, let and sell properties quickly, and with the minimum of hassle. Get in touch with our team on 0333 241 3333 today or send us a message to find out more.