Findings have emerged from a recent study conducted by Market Financial Solutions (MFS), shedding light on the housing policy wish list of UK homeowners. The research, which involved surveying 1,323 residential property owners across the country, revealed that there is a strong desire among homeowners for increased taxes targeting overseas buyers and those investing in tourist hotspots.

71% of respondents expressed their support for raising the minimum quality standards applicable to rental properties, making it the most favored potential policy reform. Such an outcome underscores the significance homeowners place on ensuring better living conditions for tenants. Following closely behind in second place, with 67% of respondents backing the idea, was the introduction of controls or higher taxes on holiday lets and second homes situated in tourist hotspots.

Meanwhile, the survey highlighted that 63% of homeowners advocated for the scrapping of inheritance tax on properties inherited after the death of the previous owner, placing it in third place among the desired policy changes. This reveals a keen interest in addressing the financial burdens associated with inheriting properties.

With December 2022 witnessing a softening of housebuilding targets, it comes as no surprise that 48% of homeowners called for the reintroduction of mandatory targets. Additionally, 58% expressed their support for reforming the planning system to streamline the development process. These results emphasize the homeowners' urge for effective measures to address the pressing issue of housing shortage.

Examining the topic of stamp duty land tax (SDLT), the survey revealed that 65% of respondents believed that non-UK residents should face higher tax rates. However, an interesting contrast emerged, as 60% of participants argued for the removal of SDLT on derelict properties left unattended for over a year. This discrepancy showcases the nuanced perspectives within the homeowner community.

When it comes to the more contentious proposals, only 34% of respondents were in favor of completely scrapping SDLT in favor of an annual land tax. Moreover, a mere 23% supported the idea of shifting the responsibility of SDLT payment from the buyer to the seller. These proposals generated significantly less support among homeowners, highlighting their hesitancy towards radical changes in this area.

Reflecting on the survey's outcomes, Paresh Raja, CEO of MFS, shared his insights, stating, "In recent weeks, we have seen political parties begin to posture on housing policy. Battle lines are now being drawn ahead of next year's general election, and already there is a sense both parties will put forward some more radical policies to solving the housing crisis." Raja further emphasized the relevance of the research in guiding policymakers to secure the trust and support of homeowners.

Raja concluded by noting, "Clearly, housebuilding and taxation are key areas that homeowners would like the government to focus on for reform, so these will likely be critical topics of discussion on which Rishi Sunak and Keir Starmer will try to win votes in the coming weeks and months. No doubt homeowners, homebuyers, and lenders will watch on keenly as policies concerning the property market evolve and the build-up to the election intensifies."

The study conducted by MFS has provided invaluable insights into the desires and priorities of UK homeowners, paving the way for informed discussions and potential policy changes aimed at addressing the housing crisis. As the political landscape evolves, the housing market stakeholders eagerly anticipate the outcomes of these deliberations and the impact they may have on their lives.