Phil Spencer: Government must act to revive housing market

Phil Spencer says London's housing market is facing significant challenges, characterised by unaffordability and stagnation. The TV property guru is urging the Government to implement crucial tax reforms in the upcoming budget to stimulate movement in the market. He highlights the impact of proposed increases in Capital Gains Tax on rental properties, remarking: “I worry greatly unless landlords are incentivised about what will happen to society.” Spencer also advocates for incentives for downsizers, suggesting that easing their transition could alleviate housing shortages. He believes that without substantial changes, including a review of the planning system, the market will struggle to recover. 

The Standard (24/09/2024)