Time to get building
The Right to Buy scheme may well create a level playing field for social tenants, but it still does little to address the UK’s housing crisis. Simply put, there are not enough homes to meet demand.
The government’s discount for first-time buyers will fuel demand rather than deal with the supply issues in the housing industry. I do, however, believe the brownfield regeneration fund will be a worthwhile initiative. It will improve the housing supply and bring forward construction projects.
The government needs to listen to the property and construction sector and target the key areas: planning processes, development finance, construction skills and so on. We hope to see more in the post-election Budget.
Construction has a huge multiplier effect on the economy and boosting the industry can only be good news for employment figures.
Encouraging more development will boost employment in the construction sector, slow the growth in rent and house prices and ultimately benefit the taxpayer.
Stacy Eden, head of property and construction, Crowe Clark Whitehill
Devolution makes sense
The promise to devolve powers out of Whitehall to large cities makes complete and utter sense. At long last, we are provided with an opportunity to set taxes appropriate to the local economic conditions and encourage economic development rather than follow a metropolitan-centric “bash the rich” policy.
It is about time that we embarked on resolute regional regeneration. It is, after all, only right that local areas should be able to control and reap the benefits of certain taxes, including property taxes such as stamp duty land tax. This will provide incentives to invest in regional cities.
The chancellor’s declaration in December’s Autumn Statement to alter the slab system of SDLT to a graduated system was a welcome one. This reform means that SDLT will be cut for 98% of home buyers, significantly lightening the burden for those looking to get a foot on the property ladder, and thus smoothing price inequality and encouraging social mobility in the recovering economy.
The pledged devolution further demonstrates our government’s commitment to improve conditions for the masses as opposed to the minority.
David Hannah, principal consultant, Cornerstone Tax
