10:53 AM, 3rd December 2021, About 2 years ago 10
Minister for Housing, Christopher Pincher, spoke to the Lords recently about underoccupied property. He wants the properties to be used more efficiently. What happened In 2015 the Finance act penalised landlords and some sold up.
There was a large Victorian house off Bedford Hill in Balham which was an HMO. It was home to seven or eight young singles (or claimed to be single!) The landlord sold up and evicted the HMO.
A City Lawyer bought the house and reconfigured the house into a family home. He moved in with his wife, baby and nanny. Three/four people accommodated where there had been home to eight. The housing crisis just got worse, but most importantly, house prices continued to rise. They became less affordable!!!!!!!
Many journos will have read Keynes and tell you that this would not happen, and they would be wrong.
The proposition was that the net effect of the Finance act 2015 was to make property more affordable because landlords would sell up, but it caused misery to the tenants and house prices went up. The landlord went overseas and took his money with him, and we collected less income tax.
We encourage all on here to write to your Local MP and copy in Mr Pincher.
Previous ArticleOffice of Tax Simplification CGT review put on ice by the Treasury
Next ArticleECO3 New gas boiler - just a lot of hot air?