Craig Vile, director at ValPal, reacts to Autumn Statement:
November 25, 2016
_We needed some bold announcements on property from the Chancellor today but all we have seen are temporary sticking plasters to appease the market.
In reality the ban on letting agent fees will not benefit tenants, the costs have just been passed over to the Landlords, which will in the end be passed on to tenants through increased rents, or restrict the buy to let market.
It_s disappointing and short sighted that the chancellor hasn_t made any changes to stamp duty. Disproportionate stamp duty taxes at the upper end of the market over the last two years have done more damage than anything else in restricting transactions, including Brexit.
Releasing funds for the build of new homes is a positive move but this needs to be more, to meet demand _ again a conciliatory move.
Surely it_s no revelation that a buoyant property market is good for the economy.ÿÿWe need to see policies in place to enable and increase a free flow of transactions from the top end of the market to the bottom.ÿÿ
We would call for reduced stamp duty across the board particularly on second homes and more help for residential developers.
Currently at ValPal, our valuation data shows the market as fairly stable, but it needs a boost if we are not going to see a drop off in transactions over the next year, as the impact of Brexit kicks in._
You May Also Enjoy
How to Transition from a Fixed-Term Tenancy to a Periodic Tenancy
Transitioning from a fixed-term tenancy to a periodic tenancy is a common occurrence in the UK rental market. It offers flexibility and convenience for both landlords and tenants by continuing the rental agreement on a rolling basis once the fixed term ends. Whether you’re a landlord managing a property or a tenant seeking clarity, Martin…
Read More 
Housing sales end 2024 on a high, but buyers more cautious about how much to pay for homes as mortgage rates drift higher
Buyers and sellers returned to the market over 2024 building a sales pipeline 30 per cent larger than a year ago with 283,000 homes worth £104bn progressing to a sale in 2025. This is the largest end of year total value for four years. House prices have returned to growth with the average house price…
Read More 
£21 million to live on UK’s most expensive street
· Knightsbridge in London now the priciest UK street · The UK’s 10 most expensive streets all in the capital, with an average price tag of £16.5 million · East Road in Weybridge the most expensive address outside of London · Priciest UK properties are 60 times more than a typical home Lloyds has revealed…
Read More 
Breaking Property News 20/12/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Why estate and letting agents must embrace innovative technology in 2025 As we step into 2025, the UK property market continues to shift, and estate agents face mounting pressure to meet the evolving expectations of buyers and sellers. The days when static images sufficed…
Read More
Breaking Property News 19/12/24
Daily bite-sized proptech and property news in partnership with Proptech-X. High street Auctions’ initiative launches to revive Britain’s town centres This month the UK Government rolls out its highly anticipated ‘High Street Auctions’ scheme, a flagship measure of the Levelling Up and Regeneration Act 2023. This initiative grants local authorities the power to take…
Read More 
Moving Up In The World: Finding Your Dream Home
Finding your dream home is one of life’s most exciting and transformative experiences. Whether you’re looking to upsize, relocate, or finally purchase that ideal property you’ve always envisioned, the journey is both thrilling and filled with important decisions. As you embark on this path, it’s essential to plan carefully, consider your priorities, and approach the…
Read More