Specialist lender sets out its wishlist for the next Labour leader
Commercial mortgage lender and bridging specialist TAB has urged the next prime minister to introduce wide-ranging reforms across planning, taxation and housing policy, arguing that property investors, landlords and businesses are being held back by outdated regulation and punitive fiscal measures.
"The biggest issue is planning reform," said Karen Rodrigues, sales director at TAB. "The next PM needs to introduce a refreshed planning system, with statutory deadlines, greater local authority resourcing and a presumption in favour of converting redundant commercial space. That would facilitate faster approval of change-of-use applications and make it easier to convert vacant retail and office units into mixed-use schemes."
According to Rodrigues, the specialist lending sector was well-positioned to support regeneration and housing delivery, but that the current planning system and tax environment were constraining investment in commercial and mixed-use property. "While we are delivering commercial mortgages at bridging speed, the planning system is moving at a snail's pace – and far too slowly for the businesses and investors it is supposed to be serving," she said. "Planning reform would help unlock projects, regenerate communities and support economic growth."
TAB also called for a reversal of tax measures affecting private landlords. "The next government must support the private rented sector (PRS)," she said. "Until we start delivering more social housing, the country needs the PRS," Rodrigues (pictured right) said.
"Despite this, successive governments have treated private landlords as nothing more than a source of tax revenue. We need to strip out decades of red tape and housing policy intervention and reverse damaging fiscal attacks on landlords. Let's reinstate mortgage interest tax relief for individual landlords. Let's scrap the stamp duty surcharge. Let's bring back the Wear and Tear Allowance."
On business rates, Rodrigues argued that reform was necessary to support high streets and mixed-use investments. "Policies that reduce rates for independent retailers, hospitality businesses and local service providers would support tenants occupying many semi-commercial properties," she said. "We want to do our bit to rejuvenate the high street, but we need the next prime minister to create the conditions in which local businesses can thrive."
TAB further called for changes to stamp duty land tax on commercial and mixed-use transactions. "This could include lower SDLT rates on commercial and mixed-use acquisitions, or reliefs for bringing vacant buildings back into use," Rodrigues said.
"The property market suffers from too much transactional friction. Too often, otherwise sensible deals fail because taxes make them uneconomic. At TAB, we are focused on bringing momentum to lending, but stamp duty is doing the opposite – acting as a brake on transactions, investment and regeneration. Reform would support a healthier property market."
Rodrigues concluded by linking long-term housebuilding to demand across the specialist finance sector. "A sustained programme of housebuilding creates demand for land acquisition finance, refurbishment finance, commercial-to-residential conversions and mixed-use redevelopment. The entire specialist lending ecosystem tends to benefit when housing output rises."
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