11:39 AM, 19th August 2019, About 3 years ago 1
It seems that Sajid Javid and Boris might have been reading Property 118, because they have just announced £600 million input into 50,000 new homes in Essex and Bedfordshire. The Country has been building 150,000 annually and this additional 50,000 represents a third more based on one year!
Well that is certainly a step in the right direction. I must say “Well Done Boris”! This equates to a £12,000 input per unit. About 5% of the average house. We are 4 million homes short in the South East. This has to be repeated many times but 50,000 new homes is a great start.
Where doe the Private Sector Landlord fit into this Boris? You need to outline precisely your vision.
I must confess to hoping you do much for disadvantaged groups such as the disabled, battered wives and so on but do remember the average landlord has just over one house and the average tenancy is approaching five years.
Numerically the average landlord can contribute little to help. If he has taken a couple with a child then when that child flees the nest the parents tend to stay in the house as they are quite entitled to.
Boris needs to focus on off plan provision of housing. What incentive is there to be for the landlord to purchase a house to rent out for a prolonged period of years?
I make no apology for returning to the same old theme, but what does Boris intend to do about tax relief being at the Headline Rate? Further, what about the Capital Gains position when the investing landlord finally sells off his investment?