12:49 PM, 21st November 2011, About 10 years ago 4
Today the government announced a new initiative to provide 100,000 new low cost homes over the next four years creating 200,000 new jobs. Well it’s better than nothing some will argue, but it hardly scratches the surface in terms of meeting requirements. To do this, a similar number of properties to a City the size of Birmingham are required by the year 2015.
In my recent blog entitled “Britians Looming Housing Crisis” I explained that unless the balance of available land, incentives to developers and availability of funding to first time buyers and the Private Rented Sector is achieved, homelessness, overcrowding and rogue landlord problems will intensify.
Time after time we see these political announcements which, I suppose, are meant to leave us feeling that our Government really do understand how critical housing is to our economy and yet the reality is they continually fall way short of the mark.
Where are the tax breaks to incentivise developers to build?
Why isn’t Government treating the Private Rented Sector as a business and providing the same tax breaks, e.g. CGT rollover, allowing rental losses to be used against other incomes etc.?
Why not make it possible to invest into the PRS with pension funds and stop the flow to overseas holiday developments?
Why haven’t we got 30 year fixed interest mortgages with no repayment charges the same as in the USA?
Without suitable incentives our developers will continue to mothball their building sites. What’s the point of building for no profit and the knowledge that people can’t raise the finance to buy what they have built?
Why will people risk buying property if they have no confidence in what their mortgage payment will be when interest rates increase?
This is my opinion though, what’s yours?
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