I'm not my usual furious self. Why?
Tuesday 9th April 2024
The short answer is probably because we have been surprisingly busy at STANLEY PROPERTY LONDON.
Glance at my previous Patrick’s Property Politics blogs to see the multiple problems in the property industry and the economy beyond, about which we should all be furious.
Here are a few ongoing issues which make our blood boil:
1. The Renters Revenge Bill
An ill-advised attempt to make things ‘fairer’ for tenants which is already having quite the opposite effect.
2. The Freehold & Leasehold Bill
There is good reason to make it simpler for leaseholders to extend their leases but not by the theft of capital from Freeholders.
3. The removal by The Treasury of a landlord’s ability to offset mortgage interest against income before tax.
This has already caused many landlords to exit the letting market as they can no longer make a profit and has pushed up rents.
Extending this to holiday-let properties will increase long-let supply is ridiculous. It will simply force all private landlords with mortgages to sell, further reducing supply.
4. New Towns
What New Towns?!
5. Green Belt
Largely poor-quality farmland, it is adjacent to the infrastructure of big cities and should be built on. Preserve the woods and pretty bits as they will make great parks for the new homes.
6. Golf courses around London
Whilst green, they are not environmentally friendly. Better to build on the fairway and greens leaving the rough intact.
7. Property Transaction Taxes
Stamp Duty and CGT impede a free-flowing property market whilst Inheritance Tax distorts it further.
I could go on, and on, and on but I will not because I am Fully furious again!
Until next time……
PB
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