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

Breaking News

Brexit housing market winners and losers

England can’t keep pace with the other home nations And the south of England falls well behind the north   The latest research from Yopa has revealed a stark regional divide in house price growth since the Brexit referendum (June 23rd 2016), with Northern Ireland, Wales, Scotland and northern England recording some of the strongest…
Read More →
Breaking News

The Rental Market is Rebalancing

But 78% of Tenants Still Can’t Find What They’re Looking For Nine in ten landlords believe the balance of power in the rental market has shifted in favour of tenants over the last two years – yet a quarter of tenants still feel landlords hold the upper hand, according to new research from LRG. The…
Read More →
Letting Agent Talk

Dispelling the top five biggest letting agent myths

Sophie Danes, Group Director of Property Management, Lomond   This year has seen the introduction of the seismic Renters’ Rights Act (RRA) as well as other changes affecting the private rented sector (PRS) coming into force, such as the rollout of Making Tax Digital (MTD). As a result, more than ever before, there is a lot of information and speculation surrounding the sector making…
Read More →
Breaking News

A fifth of Gen Z would move 25 miles or more for affordable housing

Price is the top priority listed by Gen Z for finding a home (24 per cent), with location the aspect most compromised for affordability (21 per cent) Barclays Mortgage data shows the average deposit fell -16.4 per cent year-on-year in May, however it remains the top barrier to homeownership reported by renters Nine in 10…
Read More →
AI in estate agency letting agency property
Breaking News

Can AI-powered search platform push out Rightmove for renters?

Boss of global architecture firm takes on Rightmove with AI-powered search platform where renters describe where they want to live An AI-powered start-up launched by the former boss of a major architecture business wants to disrupt the duopoly of Rightmove and Zoopla by enabling renters to find homes by using normal everyday language – as…
Read More →
Breaking News

Midlands sees largest property management fees increase

The latest research from Rushbrook & Rathbone has found that property management fees in the Midlands have increased by an estimated 53.9% over the past decade, the fastest rate of growth across England’s regions, highlighting a widening divide in costs between the North, Midlands, and South. The research analysed average rental values across England’s regions…
Read More →