The ‘reasons’ underpinning the former Chancellor’s draconian hikes on Stamp Duty in the autumn Budget of 2014 are widely known. Now, we can see that the full devastating and distorting effects on the Residential Property Market have come to pass, particularly in London. Quelle surprise!
Pour yourself a strong fortifying beverage before reading on
You’d better pour yourself a strong fortifying beverage before reading on. With prices down by 25% and activity deflated by a disastrous 70%, certain sectors of the market are practically gridlocked. Frustratingly, this DIY recession is self-imposed, costing the Treasury and UK taxpayer £1billion per annum and rising.
There were few Tax changes in today’s Budget, in respect of SDLT, for the Residential Property Market.
Of the few measures put forward, was the £500million for the Housing Infrastructure Fund, which according to Mr. Hammond will allow another 650,000 homes to be built. Although this sounds dramatic, if it is spread across many fiscal years, it won’t make much of a difference in order to help fix the ‘broken housing market’. Read more
The top priority for the government is to increase the housing supply for the UK. We build approximately one third of the new homes that we require to sustain ourselves and any measures by the Chancellor, in his forthcoming Budget, must be directed towards fixing the broken housing market. Read more