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

First-time buyer enquiries fall 27% as borrowing costs rise

First-time buyer enquiries a quarter lower than last year as higher borrowing costs put moving plans on ice   The gap between housing supply and demand continues to widen as sales slow First-time buyer enquiries are a quarter (27 per cent)  lower than last year in the wake of the the Bank of England’s decision…
Read More →
Breaking News

Homes completing on Friday the 13th sell for less

With Friday the 13th fast approaching, new research from Homebuyer.Agency has revealed that homes completing on the supposedly unlucky date have sold for as much as £24,950 below the wider market median, while properties bearing the number 13 have also consistently commanded lower prices. Homebuyer.Agency analysed Land Registry price paid data across England and Wales…
Read More →
Breaking News

Surrey, Herts & Bucks named most exclusive markets

Surrey, Hertfordshire and Buckinghamshire have been named England’s most exclusive new-build property markets outside London, according to new research from UK Property Development (UKPD), with these counties boasting the highest proportions of new homes commanding asking prices of £1 million or more. UKPD analysed current new-build property listings across England using Rightmove data, before looking…
Read More →
Breaking News

Friday the 13th spooks home-movers

Rightmove analysis reveals that people avoid moving on Friday the 13th, despite Friday usually being the busiest day for home moves Analysis of Land Registry data going back to 1995 shows that Friday the 13th is the quietest Friday for home moves The 13th is also the quietest day of the month for home moves,…
Read More →
Letting Agent Talk

Section 21 reform divides landlords and tenants

Five months after Section 21 was abolished, landlords and tenants remain sharply divided over whether the reform was necessary, but both sides agree that good relationships and clear communication have the greatest influence on how secure a renter feels, according to new research from LRG. The Autumn 2026 Lettings Report, based on responses from 405…
Read More →
to let sign 2025
Breaking News

70% of landlords anticipate rent rise due to Autumn Budget

As landlord exodus threatens rental supply The latest research from LegalforLandlords has found that 70% of UK landlords are considering increasing rents following the Government’s latest property income tax changes, while almost half are considering selling properties or reducing their portfolios, raising concerns about the future availability and affordability of privately rented homes. LegalforLandlords commissioned…
Read More →