...but property market ‘teeters on the brink’

The National Association of Property Buyers has urged the new Prime Minister to address Britain’s housing crisis, calling for “radical change”. The property group said there are growing fears of a rapid slowdown in a market which is “teetering on the brink”. Spokesman Jonathan Rolande said the sector required stability in its leadership and needed widespread reform to help the soaring numbers of people unable to buy or rent a property. “We must see the supply of property increase by empowering smaller builders with easier routes to get planning. Stamp Duty is archaic and needs a re-think which would increase fairness and free up off-market property – give pensioners a zero band when they move downmarket for example,” he said. “The Government should also look at increasing tax breaks for companies opening in areas where cheap housing is plentiful to take some strain off the south east. The new PM must be bold,” he added. Mr Rolande also stressed that many landlords are “keen to exit the market thanks to new regulation and the relatively poor financial return on buy to let.” 

City AM (07/09/2022)