BoJo’s proposed Stamp Duty reforms

by Property 118

13:24 PM, 13th August 2018
About 2 years ago

BoJo’s proposed Stamp Duty reforms

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BoJo’s proposed Stamp Duty reforms

In his weekly Monday Column for the Daily Telegraph, Boris Johnson, has told Theresa May slash the absurdly high Stamp Duty (SDLT) tax rates and abandon affordable housing targets.

Boris indicated he thought the housing market is the single biggest and most urgent crisis we face and would lead to an impending crisis of capitalism. The theory being if you don’t own any capital assets how can you be enthusiastic about capitalism.

Boris would like Stamp Duty cut to facilitate a more ‘mobile’ housing market that would encourage First Time Buyers.

Boris went on to say: “It is not just that things were so much easier 30 years ago when I left university and went looking for a flat. It was only 10 years ago, for heaven’s sake, that the proportion of owner occupiers among 25 to 34 year olds was still up at 64%.

“That figure has now plummeted to 39%. More than half the key generation shut out of the housing market.

“This is meant to be Britain, the great homeworking democracy, but we now have lower rates of owner occupation for the under 40s than France and Germany.

“That is a disgrace. It is of little surprise that young people may give up on capitalism if it excludes them from housing.”



Comments

user_17131

10:39 AM, 19th August 2018
About 2 years ago

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Yannick LM

13:37 PM, 20th August 2018
About 2 years ago

The main reason the under 34 do not become home owners is that their priorities are different from previous generations. There is a lot to say bout this but in short, their priority is not to save money to buy a property but spend most of what they have on holidays, going out and technologies (mobile phones, latest gadgets and online/tv subscriptions).

I arrived in England with approx £500 and I managed to purchase my property after 18 months of hard saving (when I first manged to find my first real job after I manged to learn and improve my english), although I still enjoyed my life and my purchase wasn't a big property, but a first step on the property ladder.

It is becoming frustrating that the media and government is targeting the private rental as a way to deflect one of the real reason behind the housing crisis.

user_17009

21:17 PM, 20th August 2018
About 2 years ago

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Jollyjoffers

20:52 PM, 21st August 2018
About 2 years ago

Reply to the comment left by Will stillman at 14/08/2018 - 19:12
To be fair Boris is a very shrewd man

Jollyjoffers

20:55 PM, 21st August 2018
About 2 years ago

Reply to the comment left by Will stillman at 20/08/2018 - 21:17
If young people want to get on the property ladder what is stopping them, is it they don't have enough time to do a 2nd or 3rd job as they are texting on their mobile phones all day?

user_17131

22:22 PM, 21st August 2018
About 2 years ago

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user_17009

22:35 PM, 21st August 2018
About 2 years ago

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user_17131

11:10 AM, 22nd August 2018
About 2 years ago

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Chris Novice Shark Bait

15:36 PM, 22nd August 2018
About 2 years ago

Generational gaps have always existed. Is it me or do they seem to be getting shorter with accelerated technological advances and premature independence of mind (we are more informed and savvy than our outdated parents) but without self financing sufficiency?
Bricks and mortar withstand these generational changes robustly and with low new build rates inflate in price disproportionately. What the new generation want and expect are at dissonance with the real world of possibilities. Attitudes and habits will have to change and expectations be adjusted.
None of this justifies crucifying well intentioned landlords. On the contrary they should be incentivised as in other European and none European Countries like Australia. Remove the surcharges on landlords for S.D. and C.G.T. and reverse section 24. Stop robbing our carry forward I.T. losses by deceit and stealth and we may then only chose to remain in the market providing unparalleled services that Councils and Shelter can not hold a candle to. If Boris is serious he should chat with Ian Duncan Smith, and together let their party understand the errors of their ways before it is too late. The demise of the PRS may prove to be an ill advised intended consequence of section 24, but an unintended consequence of Brexit blinkering of crises at home.

user_17009

20:14 PM, 22nd August 2018
About 2 years ago

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