There is a raging debate at the moment about the social ramifications of empty homes and commentator Boris Johnson, as well as others, is talking about applying punitive council taxes on the owners for keeping a property empty for a prolonged period.
My view is quite clear since there is a very delicate line between having sympathy for the homeless yet allowing home owners to do as they please with their own property in a free, liberal country such as the UK.
Contrary to press reports the market in London below £2million is doing very nicely thank you. Anything sensibly priced will sell relatively quickly to a number of buyers. Frankly, with the stable outlook for interest/mortgage rates there is not a cloud in the sky, particularly, as this part of the market is immune from any potential Mansion Tax threat.
Above £2million the market gets progressively sticky to the extent that above £10million there are very few buyers at all. Agents and conveyancing solicitors are all complaining that turn over is vastly reduced. Continue reading
Well-done Mr. Carney for doing a volte-face and unhooking the commitment, made not six months ago, to link the unemployment rate to higher interest rates. Clearly the economy is reviving much faster than anticipated (about two years or so ahead of time) and, as such, this give the flexibility to buy time.
Frankly, when Mark Carney made his predictions it appeared that he was following the American economic model since, hitherto, no one had linked unemployment and interest rates before in the UK. The Bank of England (BOE) has always been pre-occupied with inflation. Continue reading