We all know that a number of years ago, the former Chancellor Osborne hiked Stamp Duty (SDLT) rates for properties above £900,000 and this has now caused a DIY recession in the London Residential Property Market, such that turnover of sales is down by 70% and values by about 25% from the former highs of 2014.
In some sectors the market is stodgy and illiquid. What did Osborne expect?
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Well, ‘the lady is for turning’ after all!
Following today’s announcement that there will be a June Election, undoubtedly there will be a degree of uncertainty until the results are fully known. However, it is far preferable to have this turmoil now, than for instance ‘further down the track’ when she is trying to ‘close down’ on a difficult Brexit negotiation with our awkward European partners in 2019.
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With the the Government’s White Paper now having been released lets take a look at some common sense solutions to this much-vexed subject which, after all, is a political ‘hot potato’ and a main plank of the Tory Manifesto.
In short, Cameron’s belief was in the ‘buying revolution’ and May’s, it appears, is in the ‘renting revolution’. Both served their own purpose and form an important part of affordable housing requirement which is so necessary to fulfil the social aspirations of a caring Conservative government with a left wing ‘twinge’, or any other government for that matter.
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