Breaking Property News – 26/06/2023
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
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