Ahead of the Budget, Andrew Ellinas, Director of Sandfords comments on what he would like to see the Chancellor announce today.
March 16, 2016
“Unlikely to happen, but Mr Osborne needs to start reversing the stamp duty changes he has made. Over the last four years there has been an unfair amount of tax changes including stamp duty, land tax and capital gains. Landlords and homeowners have been completely restricted with these additional tax charges, all of which have been very damaging on the housing market as a whole. The most recent change, the 3% surcharge on buy-to-let and second home properties, due to begin on 1st April, will undoubtedly deplete the level of rental stock. Not only will people then not be able to afford to buy they won’t be able to rent either.
These so called ‘clampdowns’ as part of a spending review package are having a negative impact on the housing market. The Government has done what they always do and has been far too heavy handed causing the industry to suffer. Far from the conservative party being the property industry’s friend, they have in fact been our enemy making it increasingly more difficult and expensive for people to be able to afford to buy.
In addition to this, it looks like the Chancellor is going to make another step tomorrow that will again knock the property market when he announces an insurance premium tax; an increase in home insurance payments.
All of these tax changes have created a fairly static market, particularly in the London market. It doesn’t help that people are sitting on their hands until a decision is made on whether we stay in the EU or not, but something needs to change and I would like to see the Chancellor reverse some of the tax hikes he has implemented. The last thing he should be doing right now is making it more difficult for people by tightening their finances even further.”
You May Also Enjoy
Real-life value of the most famous Christmas film homes
The real-life value of the most famous Christmas film homes, from budget classics to multimillion-pound mansions New research has gathered and analysed the estimated valuations of real homes featured in popular Christmas films, ranking them by cost. The priciest homes are featured in The Holiday, Trading Places, and Home Alone, with Amanda’s home from The…
Read More 
77% of buyers refuse to buy a flood risk property
Despite 4.7 million English homes facing flood risk New research from Lyons Bowe has revealed that 77% of homebuyers would not consider purchasing a property in a flood risk area, despite more than 4.7 million homes across England currently being deemed at risk of flooding. The findings come as the Government launches a new flood taskforce amid…
Read More 
Poor Communication becomes Expensive at Scale
The hidden cost of fragmented property management By Adam Hills, Client Services Director, LRG Living Markets A landlord asks for an update on a repair. The property manager asks the contractor, who is waiting for access from the tenant. Meanwhile, the accounts team has received an invoice but cannot tell whether the work is complete.…
Read More 
When Estate Agents Decide to Go Solo
Leaving an established estate agency to work independently gives experienced agents more control over fees, client service and working hours. It also brings responsibility for compliance, cash flow and every part of the customer experience. Before handing in your notice, test the idea against realistic sales volumes, local competition and the amount of time you…
Read More 
What Should Buyers Ask Before Reserving a New Build?
Research from Skipton Building Society has found that 44% of aspiring first time buyers would rather buy a new build than an older property, with just 30% favouring an older build. Modern fittings and appliances were the biggest draw, cited by over half of those who preferred a new build, alongside the promise of lower…
Read More 
The UK cities with the largest property price increases revealed
A new study has unveiled the most challenging UK cities for first-time buyers. Newry leads Northern Ireland’s ranking, with a property price increase of 12.8%, while Hull leads Great Britain’s ranking, recording an increase of 6.6%. The research examined data from HM Land Registry to reveal the cities that have faced the highest property price…
Read More