Breaking Property News – 26/06/2023

June 26, 2023

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

Did Rishi Sunak make a fatal error in SDLT taxation policy causing a potential housing crash.

Whilst Chancellor for the Exchequer did Rishi Sunak make a fatal error in SDLT taxation policy causing a potential housing crash. With Brexit, Covid, Boris, and three PM’s in the space of a few months, it has been hard to see what has been thought out government policy, and what is just reactionary legislation to act as a sticking plaster. But as we suffer our thirteenth and probably not our last Bank of England rate rise, it is time to ask who is to blame.

For my money, the incumbent PM Rishi Sunak, whilst in his previous role as Chancellor of the Exchequer is guilty as charged, not only has he allowed about £26BN of tax payers money to go walkabout to criminals who abused Covid funding. Rishi stoked the fires of hyper-house-inflation with typically a 20% rise in house value in 24-months.

Now we as a nation are dealing with the fallout of this scandalous ill thought out SDLT giveaway, that has meant for many their mortgage repayments are set to increase by 50% just a the time the CALC still rages. Fiscal competency should be the compass of any Chancellor, this one just went with a populist cure all that was always going to funnel activity and inflate prices.

 

Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Estate Agent Talk

5 Welfare Hire Providers to Consider for Your Next Housing Project

At a Glance Welfare facilities are essential on UK housing sites to meet compliance requirements and keep teams safe, comfortable, and productive. Choosing the right hire provider depends on unit type, capacity, sustainability features, site access, and service support. Here are 5 providers to shortlist from. Welfare Hire for Housing Projects On-site welfare facilities are…
Read More →
Breaking News

Mortgage market activity forecast to climb

The latest analysis from award-winning mortgage adviser, Alexander Hall, has revealed that mortgage market momentum has been building steadily over the last three years, with average monthly approvals for both house purchases and remortgaging increasing, and further growth forecast across the first half of the year. Alexander Hall analysed historic Bank of England data on…
Read More →
Breaking News

Highest number of homes listed for sale for a decade and falling mortgage rates signal good news for first time buyers

40% of homes are now cheaper to buy than rent – up from 25% a year ago February on track to record the highest number of newly listed homes for sale in a decade as confidence returns to the housing market There are currently 6% more homes for sale than a year ago – this…
Read More →
Breaking News

Property market momentum set to continue

The latest analysis from award-winning mortgage adviser, Alexander Hall, has revealed that mortgage market momentum has been building steadily over the last three years, with average monthly approvals for both house purchases and remortgaging increasing, and further growth forecast across the first half of the year. Alexander Hall analysed historic Bank of England data on…
Read More →
Breaking News

Three major cities buck commuter belt trend

The latest research from Property DriveBuy has found that house price growth across Britain’s major cities continues to lag behind their surrounding commuter belts in most cases, although three major cities are now bucking this wider trend by delivering stronger and more consistent rates of growth, whilst London is the only city to see a…
Read More →
Breaking News

One feature that can see homebuyers bag a bargain

The latest research from eXp UK reveals that low EPC-rated homes present a potential bargain for homebuyers, as house price savings of up to £54,000 far outweigh the cost of remediation. eXp UK has analysed average house price data for properties currently on the market in England with an EPC rating of E or worse*,…
Read More →