Dear George,<\/p>\n
Bless your heart, you\u2019ve been extremely competent to date so don\u2019t be caught up with the press feeding frenzy about a housing bubble (that actually doesn\u2019t exist in the middle to upper price ranges).\u00a0 I represent a plethora of entrepreneurial agents who are not doing that well at the moment since there are very few cash buyers, whether local or foreign, in the market place particularly above \u00a32million and as it rises towards the \u00a35million mark and above even fewer.<\/p>\n
In fact, to put a finer point on it, our turnover is 50% down on last year and this is as a direct result of the Stamp Duty changes in the Budget of 2012.\u00a0 An active property market for London and the UK is the \u2018golden goose\u2019 and as such provides very necessary funds for the Exchequer by way of Stamp Duty, VAT, Corporation Tax, foreign earnings and PAYE.<\/p>\n
Already the liquidity of the market in this price range is under threat and properties are taking as long as one to two years to sell.\u00a0 This is a trend that is getting worse.<\/p>\n
If you add to this lamentable scenario the spectre of Mansion Tax, that the socialists want to impose if they get into power at the next election, you will have yourself a morass.<\/p>\n
I know that there are many people out there \u2018baying for the blood\u2019 of the bourgeoisie but you have done enough with the budget of 2012 and this should have appeased some but be careful not to throw the \u2018baby out with the bathwater\u2019.<\/p>\n
The economy is growing and hopefully this will translate into swelling your coffers that will help to reduce the deficit but it is still fragile and should be treated with the utmost care.\u00a0 The world markets on which the exporters depend are trying to grow but they are still in the early stages (particularly Europe) of the cycle and therefore nurturing this fledgling growth is the order of the day.<\/p>\n
Any good farmer will tell you that when a sapling is growing it is not time for heavy fertiliser this can be applied later on and the plan to impose Capital Gains Tax on foreign individuals may be just enough straw to \u2018break the camels back\u2019.<\/p>\n
If you care about this industry you will not do it.<\/p>\n
Yours caringly<\/p>\n
Trevor Abrahmsohn<\/p>\n
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Dear George, Bless your heart, you\u2019ve been extremely competent to date so don\u2019t be caught up with the press feeding frenzy about a housing bubble (that actually doesn\u2019t exist in the middle to upper price ranges).\u00a0 I represent a plethora … Continue reading