What the Central London Property Market Needs Is.. By Rob Hill, Director, Greater London Properties
It’s no secret that there are currently some fundamental issues with the Central London Property Market and with the upcoming budget there are some easy solutions which could make a huge impact for both Landlords and Vendors..
First and foremost is a drive to increase the supply for sales and rent. In it’s simplest form, a removal or substantial change to stamp duty for downsizers would instantly stimulate chains and free up much needed larger housing stock for families wanting larger homes and schools in catchment areas. By encouraging the older generation to sell through tax incentives this will in kind benefit the next generation of homeowners.
Support Landlords - Put simply, re -instate interest rate relief to encourage landlords back into the sector to boost supply and control spiraling rents. The government should look at Landlords as what they really are - businesses and treat them as such – offsetting costs etc. Increasing supply and freeing up cash will encourage investment in rental properties in general hence a higher standard of accommodation throughout the sector.
In terms of development, we need to encourage this in every possible way to help assist first time buyers and young families get onto the housing ladder. Every avenue should be supported including affordable high standard share ownership and similar schemes.
Finally, accepting that the 2025 deadline for properties to hit EPC rating C is not viable as a timescale. It was always an unrealistic time frame and if implemented will drastically reduce the amount of rental properties, especially in our capital, further driving up rents, increasing homelessness and pushing people into illegal rentals.
The housing market is intricately linked to consumer spending. We know that housing is the biggest component of most household's wealth, therefore naturally it has a big impact on the economy. Therefore, let’s get the market moving in the right direction.
If you would like any advice on the Central London Market and your property portfolio, please give me a call directly on 0207 734 4062. For a free Property Valuation call or email my team info@glp.co.uk.
Let’s hope for some positive news for property next week,
Warm Regards
Rob Hill, Director
Greater London Properties
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